7 Hours Ago
October Sees Decline in China’s Consumer Prices
In October, China’s consumer prices decreased, reflecting the ongoing struggle of the world’s second-largest economy with an uneven post-Covid recovery. Data from China’s National Bureau of Statistics revealed that the consumer price index slipped 0.2% year-on-year. This decline was greater than the expected 0.1% decline anticipated by economists from Reuters. This comes after China’s CPI was unexpectedly flat in September, implying the necessity for further policy support. Additionally, producer prices saw a 2.6% decrease, slightly smaller than the anticipated 2.7% decline, marking the 13th straight month of decline.
Read the full story here.
— Shreyashi Sanyal
7 Hours Ago
Country Garden Shares Plummet
The shares of one of China’s biggest property developers, Country Garden, plunged over 6% in a volatile trading session. According to Reuters, China’s State Council instructed the local government of Guangdong province to arrange a rescue of Country Garden by Ping An Insurance Group. Hong Kong shares of Ping An also fell by 1.43%, while the broader Hang Seng index dropped 0.32%. China’s CSI 300 remained flat.
— Shreyashi Sanyal
9 Hours Ago
BNP Paribas Recommends U.S. ‘Fallen Angels’ for 8% Yield
BNP Paribas’ global chief investment officer stated that the current bond bear market is the worst in more than 200 years. However, she suggested that U.S. “fallen angels” in the high-yield credit segment present an opportunity for investors. CNBC Pro has compiled a list of top-rated funds and exchange-traded funds, according to Morningstar.
Subscribers can read more here.
— Weizhen Tan
11 Hours Ago
Topping October’s Performance, Large-cap Active Fund Managers Outperform
While stocks struggled in October, large-cap active funds managed to deliver a strong performance, with 68% beating their benchmark, according to Bank of America’s Savita Subramanian. The average fund outperformed its benchmark by 34 basis points. Despite the S&P 500 and Russell 1000 dropping 2.2% and 2.5%, respectively, active funds focusing on large cap names managed to perform well.
— Darla Mercado, Michael Bloom
12 Hours Ago
After Hours: Stocks Making Big Moves
These are some of the stocks making the biggest moves in extended trading on Wednesday:
- Disney — Shares climbed more than 3% after the media giant exceeded expectations for profit in the fiscal fourth quarter. Disney+ subscriber numbers also came in strong.
- Arm — Shares dropped around 7% as investors focused on weak guidance from the semiconductor company.
- Lyft — The rideshare platform slipped nearly 2% after reporting worse-than-anticipated bookings and offering weak current-quarter guidance on the measure.
See the full list here.
— Alex Harring
12 Hours Ago
Stock Futures Lower
Stock futures slipped lower Wednesday night shortly after 6 p.m. ET. Futures tied to the Dow lost 0.1%, while S&P 500 and Nasdaq 100 futures slipped 0.2% and 0.3%, respectively.
— Alex Harring
