Australia's stocks lead gains in Asia after Wall Street's jump; yen hovers near 149-levels

The leadership in China's government is "managing the message" by delaying the release of its major economic data expected today, said Austan Goolsbee, an economist and professor at the University of Chicago Booth School of Business.

"Given the obvious economic negative impact of the zero-Covid policy … that probably was going to show up in the GDP data and they just didn't want to have that coming up," he said on CNBC's "Squawk Box Asia."

"The rule of data is that nobody hides good news … more likely it's because it showed something that they didn't want to be released at this moment," said Goolsbee, a former chairman of the Council of Economic Advisers.

–Jihye Lee

Oil prices gave up some gains on Tuesday following reports that the Biden administration may release oil from the Strategic Petroleum Reserve to stem rising prices.

Brent crude futures rose 0.28% to stand at $91.88 per barrel, while U.S. West Texas Intermediate inched up 0.37% to $85.78 per barrel. Oil futures briefly turned negative after each rising more than 0.5%.

According to Bloomberg, the Biden administration is set to provide further details on plans to replenish the emergency stockpile, and is considering limits on fuel exports to improve supply inside the United States.

— Lee Ying Shan

Asia-Pacific's travel industry may be the first to reach pre-pandemic levels of contribution to the regional growth, according to a new report by the World Travel & Tourism Council (WTTC).

Other regions are forecasted to return to 2019 levels in 2024, the report said.

WTTC estimates that in 2025, travel revenue in APAC will contribute 32% more to the region's GDP than it did before the pandemic.

The Middle East is expected to get a 30% boost in the same period, while the report predicts a growth of 10% and 12% in Europe and North America respectively.

Read CNBC Travel's story here.

— Abigail Ng, Monica Pitrelli

Smaller companies have had a difficult year. In fact, according to Peter Oppenheimer, Goldman Sachs' chief global equity strategist, they've had the worst year-to-date since the turn of the century.

However, he argued that the segment is starting to look "inexpensive," and named several global stocks with stable growth and good profitability.

Pro subscribers can read more here.

— Zavier Ong

The International Monetary Fund said Asia, particularly Southeast Asia, will likely enjoy a strong year ahead despite recession risks for the global economy next year.

For example, Vietnam is benefitting from being at the center of supply chain diversification efforts while tourism in Cambodia and Thailand will improve, the IMF said.  

"Asia remains a relative bright spot in an increasingly dimming global economy," the IMF said in an update.

The IMF predicted growth for Asia and the Pacific at 4% this year and 4.3% in 2023. These are higher than the fund's forecasts for Europe and the U.S. The IMF is expecting growth of 3.1% in 2022 and 0.5% for the euro area; and 1.6% growth this year and 1% for the U.S.

Read the full story here.

— Su-Lin Tan

Rob Luna, chief investment strategist at Surevest, says his firm has "started to witness individual stocks outperforming and showing signs of already bottoming."

He predicts when the S&P 500's long-term move downward could turn, and names the stocks he thinks look attractive right now.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The Reserve Bank of Australia has more flexibility on the "size and timing of rate increases" because its board holds more meetings compared to other central banks in the region, RBA Deputy Governor Michele Bullock said.

It is able to "achieve similar tightening" with smaller individual rate increases, Bullock said, speaking at the Australian Finance Industry Association.

The central bank's board members said they "recognized the benefits of a smaller increase," according to minutes released from RBA's October 4 meeting, where it raised its cash rate by 25 basis points.

"A smaller increase than that agreed at preceding meetings was warranted given that the cash rate had been increased substantially in a short period of time and the full effect of that increase lay ahead," it said, adding that it remains determined to "do what is necessary" to return inflation to its target.

The Australian dollar rose 0.19% against the U.S. dollar and last traded at $0.6302.

–Jihye Lee

New Zealand's consumer prices rose 7.2% in the third quarter compared to the same period last year, much higher than the 6.6% predicted by analysts in a Reuters poll.

Prices rose 2.2% from the second quarter, driven by food, housing and utilities, Stats NZ said.

"The main driver for the 7.2 percent annual inflation to the September 2022 quarter was housing and household utilities due to rising prices for construction, rentals for housing, and local authority rates," the statement added.

Compared to the previous quarter, annual inflation eased very slightly from the 7.3% reported in July, which was a 32-year high.

— Abigail Ng

During Monday's rally, all three major indices climbed and the Nasdaq posted its best day since July. It also closed more than 34% from its 52-week high, while the S&P 500 and the Dow Jones Industrial Average were 23% and 18% from their 52-week highs, respectively.

All sectors also closed more than 10% from their 52-week highs, led by communication services that was up more than 40% from the key level. Tech, consumer discretionary and real estate were all more than 32% from 52-week highs, while financials and materials were more than 22% from 52-week highs.

—Carmen Reinicke

Stocks finished the day up solidly higher, with the Nasdaq Composite leading the way with a gain of more than 3%. The Dow added more than 500 points to close back above the 30,000 level.

— Jesse Pound

U.S. Treasury yields have rebounded from their lows of the session. The 2-year Treasury yield is now down about 5 basis points to 4.45%, while the 10-year yield is unchanged just above 4%. Yields move opposite of price, and a basis point is equal to 0.01 percentage points.

Notably, the rebound for yields has not caused a major move in the equity markets, where the Nasdaq is still up more than 3% for the session.

— Jesse Pound