Hong Kong leads gains in Asia as key economic data comes out across the region

India's services industry grew at its slowest pace in seven months in October due to competitive conditions and price pressures, a survey by S&P Global showed on Friday.

The seasonally adjusted S&P Global India services purchasing manager's index expanded at 58.4 in October but lower than the 61.0 rise in September, and its slowest rate of expansion since March.

There were faster increases in input costs and output charges during October, according to S&P Global, with rates of inflation outpacing their respective long-run averages. At the same time, a pick-up in inflation expectations also dampened overall business sentiment.

India's Nifty 50 rose 0.7% by late morning trade, while the S&P BSE Sensex added 0.63%.

— Shreyashi Sanyal

Hong Kong's Hang Seng Index was up 2.28% in afternoon trading, shrugging off a survey which showed the city's private sector activity contracted further in October.

New business, including that from mainland China continued to fall, according to a survey by S&P Global.

The seasonally adjusted S&P Global PMI fell to 48.9 in October from 49.6 in September. A reading above 50 signifies growth.

The HSI climbed to its highest level in over two weeks and headed for its second straight week of gains. It is poised for weekly gains of 1.14%.

— Shreyashi Sanyal

China's service sector expanded at a slightly faster pace in October, according to the Caixin services survey.

The purchasing managers index came in at 50.4, just above September's reading of 50.2. Caixin wrote that this pointed to a sustained rise in service sector business activity, but the reading meant only a marginal rate of growth overall.

China's services sector has remained in expansionary territory for 10 straight months, according to Caixin.

— Lim Hui Jie

Australia's retail sales rose for the first time since the third quarter of 2022, recording a seasonally adjusted quarter-on-quarter jump of 0.2% in the three months ended September.

This beat the 0.2% fall expected by economists polled by Reuters, and a reversal from the 0.5% decline seen in the second quarter.

The country's statistics bureau also revealed that on a seasonally adjusted year on year basis, retail sales fell 1.7%.

— Lim Hui Jie

Hong Kong's private sector activity contracted further in October as new business, including that from mainland China continues to fall, according to a survey by S&P Global.

The seasonally adjusted S&P Global Hong Kong Purchasing Manager's Index fell to 48.9 in October from 49.6 in September. It was its lowest reading since November 2022 and marked the fourth straight month of contraction.

A PMI reading below 50 is viewed as a contraction.

S&P Global said hiring activity also decreased in Hong Kong, while input cost inflation climbed further above that of selling prices.

— Shreyashi Sanyal

A potential recession, high inflation levels and uncertainty around energy markets are just some reasons why investors are steering clear of Europe right now – but Goldman Sachs remains positive on a number of stocks in the region.

The investment bank updated its "conviction list – directors' cut" stocks to buy in Europe in an Oct. 31 note, describing it as "a curated list of our most differentiated fundamental Buy ideas across our European coverage."

The updated list includes one key stock addition.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Should an investor go for bonds or stocks in the near to medium term?

Both markets have been volatile recently, which could make it a difficult choice for traders.

Stocks rallied after the U.S. Federal Reserve's decision to keep interest rates steady, but Fed Chair Jerome Powell stressed that the central bank hasn't begun considering a rate cut, and won't until inflation is under control.

CNBC Pro takes a look at what Wall Street pros are saying.

Subscribers can read more here.

— Weizhen Tan

Markets found enough in this week's Federal Reserve meeting to suggest that there's only a small chance of any additional interest rate hike.

The odds for a December increase fell Thursday morning to 14.6%, according the CME Group's FedWatch Tool, which uses fed funds futures pricing to gauge probabilities. A month ago, the chances of a move in December were at 39%.

Futures pricing, which can be volatile and swing quickly, now indicates that the first rate cut could come as soon as May.

—Jeff Cox

Yields on Treasurys kept sliding early Thursday, helping push U.S. stock index futures higher as debate raged over whether "risk on" trades will return.

Two-year Treasury notes yielded 4.954% and 10-year notes had fallen all the way 4.691% after briefly topping 5% two weeks ago. Bids in Treasurys come as the chance of another quarter point Federal Reserve rate increase at its Dec. 13 policy meeting crumbles -- down to a less than 1 in 7 probability (14.6%), according to the CME FedWatch tool that uses interest rate futures prices.

S&P 500 index futures were recently 31 points higher at 4237, up about 0.7%, while Nasdaq-100 futures climbed 161 or 1.1% to 14,906.

As inflation weakens, "yields will probably drop further but settle at a much higher level than before the pandemic," London-based Capital Economics wrote Thursday.

— Scott Schnipper

The Cboe Volatility Index (VIX)— Wall Street's preferred fear gauge — traded as low as 16.12 on Thursday, a level not seen in three weeks. This comes as stocks rallied for a second straight day on hope the Federal Reserve is done raising rates for the year.

— Fred Imbert