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Business

Shares fall after the Fed signals more increases ahead




US 2-year Treasury yield jumps, breaks 4.9%

The policy-sensitive US 2-year Treasury yield jumped more than 33 basis points, or 7.4%, to hit 4.909% in Asia’s afternoon session.

The yield on the 10-year Treasury rose in US hours after Fed chief Jerome Powell said the terminal rate will remain higher than expected – and was last at 4.1176%.

The yield on the 30-year Treasury note also rose more than 3% to 4.2537%.

Yields move inversely to prices, and 1 basis point equals 0.01%.

– Jihye Lee

Investors should be wary of unconfirmed China reopening notes: Credit Suisse

Investors must “remain cautious” of unconfirmed notes circulating on social media suggesting a potential reopening of China early next year, a Credit Suisse strategist said.

“I think, judging from different angles with a lot of news flows – especially the unconfirmed ones, that we have to be careful,” said Edmond Huang, Credit Suisse’s head of China securities research.

Speaking at the firm’s China Investment Conference, Huang said it is more likely to be a measured reopening process than an abrupt one.

“It will take some time, especially after the party congress and the formation of the new government – which means it will be a more gradual process than overnight, with China fully reopening to the rest of the world,” he said.

– Jihye Lee

JPMorgan Asset Management sees a slight increase in the Fed in December

JPMorgan Asset Management expects the Federal Reserve to raise interest rates by less than 50 basis points in December, according to a note.

APAC market strategist Tai Hui said the Fed may take a more moderate path in the near future.

“If core inflation slows between now and the end of the year, the Fed could choose a more moderate rate path and avoid tipping the economy into a recession,” he said in the note.

“We think there is some easing in inflation on the horizon,” he said, adding that the Fed’s tightening cycle is expected to extend into the second quarter of 2023.

– Jihye Lee

Private survey shows China’s service activity slowed to a six-month low

China’s Caixin Services Purchasing Managers’ Index came in at 48.4 for October, the lowest reading since May and the second straight decline for the sector.

In September, the pressure was 49.3, also below the 50-point mark, which indicates a contraction.

Earlier this week, the official non-manufacturing PMI came in at 48.7.

PMI readings are sequential and represent month-to-month expansion or contraction.

— Abigail Of

Stock moves in South Korea: Heavyweights fall, defense stocks rise

Market bellwether Samsung Electronics saw heavy losses in the overall negative session, down 2.42% in early hours of trading.

Hyundai Motor lost 2.42% and SK Hynix fell 2.49%, while Naver shed 3.45%.

Defense axes bucked the trend after North Korea fired several missiles into the waters between Korea and Japan.

Victek jumped 3.44%, while Korea Aerospace gained 1.24%. Hanwha Aerospace was 0.71% higher.

The Kospi was down around 1%.

— Abigail Of

CNBC Pro: Wall Street cuts price targets this earnings season. Here are 13 US stocks that bucked the trend

Only a handful of companies have avoided a cut in their stock price targets from Wall Street banks this earnings season, a CNBC Pro analysis has revealed.

Of the nearly 300 companies in the S&P 500 that reported results in the past month, more than two-thirds — 72% — saw their median price targets cut or held unchanged by analysts compared to a month ago.

Only 13 stocks have emerged with a significantly higher price target of 5% or more, still offering potential upside of at least 5%.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Australia share movers: BHP, Wesfarmers down 3%

Dow drops 505.44 points, Nasdaq dives 3.36%

Stocks closed lower in a volatile trading session as the Federal Reserve delivered another 75 basis point interest rate hike and signaled its intentions to keep hiking.

The Dow Jones Industrial Average fell 505.44 points, or 1.55%, to 32,147.76. The S&P 500 fell 2.5% to close at 3,759.69, while the Nasdaq Composite fell 3.36% to end at 10,524.80.

– Samantha Subin

Shares fall as Powell says the terminal rate will be higher than previously expected

In a briefing with reporters on Wednesday after a fourth consecutive rate hike of 0.75 percentage points, central bank chairman Jerome Powell said the central bank’s final target for interest rate increases has gone up.

“We still have some way to go, and incoming data since our last meeting suggests that the final rate level will be higher than previously expected,” he said.

Stocks fell after the comment, signaling interest rates will continue to march higher and likely stay at a higher-than-expected level for longer as the Fed tames inflation. That reversed gains from earlier in the afternoon as traders digested the Fed statement as more dovish and hoped rate hikes would be smaller in the future.

The Dow Jones Industrial Average was up about 60 points, but pared its gains. The S&P 500 also fell after a peak following a rate hike and was up just 0.09%. The Nasdaq was slightly in the red.

—Carmen Reinicke



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