Share

Asia-Pacific markets mostly lower as investors digest inflation data from the region

Shreyashi Sanyal
Lim Hui Jie

This is CNBC's live blog covering Asia-Pacific markets.

A woman rides her bicycle with the Marina Bay Sands hotel and high-rise buildings in the background in Singapore on Sept. 4, 2023.
Roslan Rahman | AFP | Getty Images

Asia-Pacific markets were mostly lower on Monday as investors monitored inflation data from the region.

Singapore and Malaysia both released inflation reports that came in higher than expected on Monday.

Australia's February consumer price index will be out Wednesday, while Tokyo's inflation numbers are due Friday. The Japanese capital's inflation numbers are widely seen as a leading indicator of nationwide trends in the country.

Hong Kong's Hang Seng index was slightly above the flatline in the final hour of trading, while the mainland China's CSI 300 index ended the day 0.54% lower at 3,525.76, marking its third straight day of losses.

Japan's Nikkei 225 closed 1.16% lower at 40,414.12, retreating from its all-time high on Friday, while the broad-based Topix closed down 1.26% at 2,777.64.

South Korea's Kospi dipped 0.4% to 2,737.57, after opening higher and coming close to two-year highs. The small-cap Kosdaq gained 1.07% and finished at 913.69.

In Australia, the S&P/ASX 200 rose 0.53% and closed at 7,811.9, rebounding from Friday's losses and edging close to record highs.


On Friday in the U.S., the Dow Jones Industrial Average retreated by over 300 points, or 0.77%, after back to back sessions where the index set all time records. The S&P 500 fell 0.14%.

However, the Nasdaq Composite continued its rally, adding 0.16% to close at 16,428.82 for another record.

"It's a digestion period after a really strong week," said Truist's co-chief investment officer Keith Lerner of Friday's moves. "Our view is that the overall trend is still positive for the market, especially when you see this breakout of new highs, on track for your fifth consecutive month of gains."

— CNBC's Samantha Subin and Lisa Kailai Han contributed to this report

Singapore core inflation rises, hits highest level since July 2023

Singapore's core consumer price index climbed 3.6% year-on-year in February, higher than the 3.1% rise in January, according to figures from the Monetary Authority of Singapore.

The number was also higher than the 3.4% expected by economists polled by Reuters.

Core inflation strips out prices of accommodation and private transport.

The headline inflation in February was up 3.4% year-over-year, stronger than a Reuters poll forecast of a 3.3% increase.

— Shreyashi Sanyal

Malaysia inflation accelerates for the first time since August 2022

Malaysia's headline inflation rate has climbed for the first time since August 2022, coming in at 1.8% compared with 1.5% in January.

Economists polled by Reuters had forecast inflation rate to drop to 1.4%.

On a month-on-month basis, the inflation rate in Malaysia rose 0.5%, up from 0.2% in January.

— Lim Hui Jie

Meituan shares jump to near four-month high as revenue rises

A food delivery courier for Meituan in Beijing, China, on Tuesday, Aug. 22, 2023. A surge in sales expected for Meituan may be a catalyst to its shares, which have outperformed peers as services spending turns out to be a rare bright spot amid deepening investor pessimism. Source: Bloomberg
Bloomberg | Bloomberg | Getty Images

Hong Kong-listed shares of Chinese food delivery firm Meituan jumped as much as 9.6% to 96.80 Hong Kong dollars, their highest level since late November.

The company reported revenue of 73.7 billion yuan ($10.31 billion) for the fourth quarter — a 22.6% jump from a year earlier.

Annual revenue for the company was at 276.7 billion yuan ($38.44 billion), up 26% from the previous year.

The company said it "continued to increase investment in China's consumer market and technology research and development."

— Shreyashi Sanyal

Japan's top FX official says that yen weakness 'does not reflect fundamentals'

The current weakness in the Japanese yen does not reflect its fundamentals, according to Japan's top currency diplomat, Masato Kanda, Reuters reported.

The yen has weakened steadily over the past two weeks, even as the Bank of Japan moved to raise interest rates and abolished its yield curve control policy. The yen has crossed the psychological level of 150 against the greenback, trading at 151.28 currently.

Kanda told reporters that yen weakness, based on speculative moves, has a negative effect on the economy, according to the Reuters report.

However, Kanda said he doesn't have a specific exchange level in mind.

Stock Chart IconStock chart icon
hide content

— Lim Hui Jie, Reuters

CNBC Pro: Here's where to invest $1 million right now, according to the pros

Markets are red-hot, and investors might be wondering what they can buy right now.

On top of that, some are calling for investors to move out of cash if rates do fall.

If you had a spare $1 million to invest right now, what should you buy?

CNBC Pro asked fund managers and wealth advisors how they would allocate their portfolios with that money. Recommendations range from tech to AI's power needs — and a stock portfolio for the "moderately aggressive" investor.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: These 5 stocks are beating the S&P 500 — and analysts expect them to rise even further

Markets are still red-hot even after a very good 2023, when the S&P 500 soared around 24%.

The S&P 500 is up around 10% year-to-date, and in fact hit new record highs in March.

Many stocks have soared and even beaten the broader market, but is there still room for some companies to run?

Using FactSet, CNBC Pro screened the S&P 500 and the Vanguard FTSE All-World ex-US ETF for stocks that are beating the market so far this year — and that analysts love.

Just five stocks turned up from the S&P 500 screen.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Market may be getting 'overexcited' about three cuts, says Envestnet's D'Auria

Markets cheered this week's Federal Reserve decision to leave interested unchanged, and maintain expectations for three cuts this year despite a recent spate of hot inflation reports.

But the market may be getting ahead of itself, according to Envestnet's Dana D'Auria.

"The market is getting a little overexcited," said the co-chief investment officer. "I don't interpret the comments to mean that we necessarily get that rate cut in June."

Given the current data, D'Auria believes there's a "pretty decent chance" that the central bank cuts fewer than three times this year, adding that she sees greater risks in cutting too soon.

"Powell is trying to thread the needle between not letting the market expect too much but also not disappointing the market," she said. "Unless the data support a cut, I don't necessarily think we will get one."

— Samantha Subin

Wells Fargo believes market's upward bias will continue

Wells Fargo expects the stock market to keep moving higher.

"The Fed's reiteration of monetary easing plans despite expectations of a hotter macro backdrop predictably ushered in another wave of 'risk-on' trading," analyst Christopher Harvey wrote in a note Friday. "We think this upward bias to equity prices will persist in the near term."

Small camps and midcaps "thrived" after the Federal Reserve stuck with its projections of three rate cuts this year, he said. However, momentum stocks were the best performer week to date, added Harvey, who said he remains "pro-Momentum."

The S&P 500 added 2.3% week to date, as of Thursday's close, and is up nearly 10% year to date.

— Michelle Fox

Wall Street stands by Apple despite DOJ lawsuit

Wall Street analysts are sticking by Apple despite the Department of Justice's antitrust suit filed Thursday.

Read more on what the lawsuit could mean for the stock in the short-term and over the long run here.

— Samantha Subin