Asia-Pacific stocks mixed ahead of U.S. midterm elections
This is CNBC's live blog covering Asia-Pacific markets.
Stocks in the Asia-Pacific were mixed Tuesday as investors digest the Bank of Japan's summary of opinions and look ahead to the U.S. midterm elections.
The Nikkei 225 in Japan rose 1.25% to close at 27,872.11 and the Topix rose 1.21% higher to close at 1,957.56. The S&P/ASX 200 rose 0.36% in Australia to end the session at 6,958.9. In South Korea, the Kospi gained 1.15% to close at 2,399.04.
The Bank of Japan released a summary of opinions of board members from its monetary policy meeting in October, when it left interest rates unchanged while global peers took on jumbo rate hikes. Nintendo will report quarterly earnings later in the day.
The Hang Seng index in Hong Kong was 0.5% lower in its final hour of trade, while mainland China's Shanghai Composite fell 0.43% and the Shenzhen Component lost 0.578%.
Overnight in the U.S., stocks rallied Monday as investors looked ahead to a packed week with midterm elections and key inflation data on deck and shrugged off a supply warning from Apple.
The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.
— CNBC's Sarah Min contributed to this report.
Bitcoin drops below $20,000; FTX Token plummets
Prices of bitcoin and ether dropped 5.7% and 8% each as the price of FTX's exchange token FTT plunged over 20%.
The moves come after Binance CEO Changpeng Zhao tweeted that he would sell the exchange's remaining holdings of FTT, the native token of billionaire Sam Bankman-Fried's exchange.
Zhao's tweet followed a CoinDesk report that said the balance sheet of Alameda Research, Bankman-Fried's principal trading firm, is "full" of the FTT token.
This shows that "Alameda rests on a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto," CoinDesk reported.
The prices of FTT plummeted more than 31% to $15.33 in Asia's afternoon – after hovering around $22 – the price at which Alameda CEO Caroline Ellison offered to buy "all" of what Binance is selling, in response to Zhao's tweet.
India's inflation is still in the "comfort zone": Former Indian central bank governor
India's inflation, while higher than expected, is still in a "comfort zone," said former Indian central bank governor Chakravarthi Rangarajan.
He said Indian policymakers normally targeted a 4% inflation rate, while tolerating levels above 2% or higher – Inflation in India is now at 7.4%.
"As of now, it is still about the target level or the comfort zone prescribed by the statutes," Rangarajan told CNBC's "Street Signs Asia" on Tuesday.
"It is a matter of concern but it is expected that as the global situation improves and supply disruptions come down, the inflation rate will also come down," he said.
— Su-Lin Tan
KakaoPay stock soars on China, Japan expansion announcement
Shares of KakaoPay jumped more than 11% in South Korea's morning session after the company announced its expansion plans for Japan and China.
The payment app launched a partnership with AliPay Plus ahead of the Hangzhou Asian Games, which includes payment services for businesses near the Games' venue, the company said.
In Japan, users of KakaoPay will now have full access to its services at airports, convenient stores, drug stores, department stores as well as theme parks such as Osaka's Universal Studios.
Kakao, the parent company of KakaoPay, also rose more than 3%, and Kakao Bank, the firm's digital bank, gained more than 5%.
Indonesia's Blibli shares up nearly 5% on debut
Indonesian e-commerce firm Blibli's shares rose 4.9% in its Indonesia Stock Exchange debut on Tuesday.
It is the latest tech company in Southeast Asia to list in Jakarta since Bukalapak in August 2021 and GoTo in April 2022.
Its share price climbed to as high as 472 rupiah in early trading from the initial public offering price of 450 rupiah.
Shares retreated to and were sold at 454 rupiah, representing a market capitalization of 53.79 trillion rupiah ($3.4 billion).
CNBC Pro: UBS thinks gold will rally by a double-digit percentage in 2023
Swiss investment bank UBS is forecasting a rebound in gold prices next year.
Gold has traditionally been considered an inflation hedge, but rising interest rates mean it has lost 18% of its value since March
UBS analysts said it offers "an attractive risk-reward" looking ahead — here's why.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Bank of Japan says no need for immediate change in monetary policy
The Bank of Japan's board members see "no need to immediately change monetary policy," according to the summary opinions from October's meeting.
"Continued monetary easing is necessary in order to raise productivity and wage levels through supply-side reforms," the report said.
The Bank of Japan summary reiterated the necessity to monitor inflationary pressures and its impact on households and wages "while paying attention to the side effects of monetary easing."
The central bank also hinted at preparations for a shift from its current monetary stance.
It said, "It is also important to continue to examine how future exit strategies will affect the market and whether market participants will be well prepared for them," without further elaboration.
— Jihye Lee
CNBC Pro: Markets will rally into year-end, says Morgan Stanley's Slimmon, who names 3 stocks to buy
Morgan Stanley's Andrew Slimmon expects the market to rise as we head toward the end of the year.
"Despite [the] Fed Chair throwing cold water on the concept of a Fed pivot, I still believe the equity market will rally into year-end," Slimmon, senior portfolio manager at Morgan Stanley Investment Management, told CNBC's "Street Signs Asia" Friday.
He expects all but one sector to move higher, and names three stocks to cash in.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Stocks close higher, notch second straight day of gains
Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days.
The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session.
All three major averages notched a second straight day of gains.
— Sarah Min