Japan CPI inflation, China’s prime lending rate, currencies

Japan CPI inflation, China's prime lending rate, currencies
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In Hong Kong, Tech, casino stocks have a broader index

Australia’s central bank says the case for slower rate hikes is getting stronger

Members of the Reserve Bank of Australia’s (RBA) board “saw the slower pace of interest rate hikes strengthening”, according to minutes released on 20 September. At the 6th meeting, it increased the interest rate by 50 basis points to 2.25%.

“The Governing Council expects to raise interest rates further in the coming months, but not on a predetermined path given the uncertainties surrounding inflation and growth forecasts,” the minutes released on Tuesday said.

He added that medium-term inflation expectations remain “well anchored”.

Future rate hikes will be based on data and forecasts for inflation and labor markets, the RBA said.

– Abigail Ng

CNBC Pro: Goldman says demand for copper is on the rise. Here are the stocks that are expected to benefit

According to Goldman Sachs, a copper deficit could be on the horizon, with demand rising to net zero, and some metal stocks could shine in this scenario.

CNBC Pro subscribers can read more here.

– Weizhen Tan

China keeps key lending rates unchanged

The People’s Bank of China kept the one-year and five-year lending rates (LPR) unchanged, in line with forecasts in a Reuters poll.

The one-year loan interest rate is 3.65%, and the five-year interest rate, closely related to home mortgages, is 4.3%. China cut both rates last month.

– Abigail Ng

CNBC Pro: Fund manager says bear market will be ‘bad’

Fund manager Cole Smead believes the stock market is still in the early stages of a bear market and warns it won’t be “garden variety”.

However, he is not losing sleep. The reason for this:

Pro subscribers can read more here.

– Xavier Ong

In Japan, core inflation accelerates in August

Japan’s core consumer prices rose 2.8% in August from a year earlier, according to government data.

This is the fastest increase in nearly eight years and the fifth month in a row that inflation has exceeded the central bank’s target of 2%.

Analysts polled by Reuters predicted a 2.7% increase in July and a 2.4% increase in consumer prices.

The Japanese yen strengthened slightly to 142.96 per $1.

– Abigail Ng

Stocks end Monday’s volatile session higher

Stocks were tentative on Monday, but ended the session in positive territory as a big Federal Reserve week began.

The Dow Jones Industrial Average rose 197.26 points, or 0.64%, to close at 31,019.68. The S&P 500 rose 0.69% to 3,899.89, while the Nasdaq Composite rose 0.76% to 11,535.02.

– Samantha Subin

10-year Treasury yield rises above 3.5%, highest since 2011

The 10-year Treasury yield rose to 3.5% on Monday morning. It reached the highest level since 2011 investors are bracing for longer-term higher interest rates amid the Federal Reserve’s fight against inflation.

Treasury yields rose above the board last week after the August consumer price index report showed a surprise rise in prices. However, the 10-year was mostly near June’s highs of 3.495% before moving higher on Monday.

The 10-year last traded at a yield of 3.506%, up nearly 6 basis points. Yields move inversely to price and one basis point is equal to 0.01%.

– Jesse Pound

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