Asia markets mixed; Evergrande up 70% leading Chinese real estate stocks higher

Lim Hui Jie

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

Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut "of some historic kind", said CIO of Pickering Energy Partners, Dan Pickering.

Asia-Pacific markets were mixed on Thursday, after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Hong Kong-listed shares of Chinese property stocks surged, with Evergrande leading the charge, soaring by more than 70%. The Hang Seng Property Index was up 4%, but the broader Hang Seng index was close to the flatline in its final hour, following Tuesday's losses. Mainland Chinese markets also fell, with the CSI 300 down 0.22% and ending at 3,812.03.

Brent crude futures traded at $89.66 a barrel, while U.S. West Texas Intermediate crude futures traded near $86.40 a barrel, both hovering close to a 10-month high.

Saudi Arabia announced Wednesday it will extend its cut of 1 million barrels per day until the end of December, while Russia said it will reduce its oil exports by 300,000 barrels per day.

Elsewhere in Asia, Japan's Nikkei 225 closed 0.62% up to record an eighth straight day of gains, while the Topix was also up 0.62% to reach a 33-year high and close at 2,392.53.

Separately, South Korea's Kospi was down 0.73% and ended at 2,563.34, with the Kosdaq also reversing earlier gains to fall 0.38% , finishing at 917.95.

In Australia, the S&P/ASX 200 lost 0.78% and closed at 7,257.1, after the country recorded a 2.1% year-on-year growth in its second-quarter gross domestic product, slightly higher than expectations from economists polled by Reuters.

TICKERCOMPANYNAMEPRICECHANGE%CHANGE
.N225Nikkei 225 IndexNIKKEI37,552.16UNCHUNCH
.HSIHang Seng IndexHSI16,828.93UNCHUNCH
.AXJOS&P/ASX 200ASX 2007,683.50UNCHUNCH
.SSECShanghaiSHANGHAI3,021.98UNCHUNCH
.KS11KOSPI IndexKOSPI2,623.02UNCHUNCH
.FTFCNBCACNBC 100 ASIA IDXCNBC 1009,078.08+86.75+0.96%

Overnight in the U.S., all three major indexes lost ground as the rise in crude oil prices weighed on stocks.

The Dow Jones Industrial Average lost 0.56%, while the S&P 500 dropped 0.42%. The Nasdaq Composite edged down 0.08%.

— CNBC's Sarah Min and Alex Harring contributed to this report

Wed, Sep 6 2023 2:28 AM EDT

Economists cut Singapore 2023 growth and inflation forecasts, survey shows

Economists have downgraded Singapore's 2023 growth forecasts and inflation expectations, according to a survey by the country's central bank published Wednesday. Spillovers from an external growth slowdown were cited as the top risk.

Singapore's economy is set to grow 1.0% this year, down from a forecast of 1.4% in June's survey, according to the median forecast of 22 economists surveyed by the Monetary Authority of Singapore. 

Headline consumer prices could rise 4.7% this year, down from 5.0% predicted in June, the median inflation forecast showed. Core inflation, which excludes private road transport and accommodation costs, is expected to rise 4.1%, unchanged from the previous survey.

Both headline inflation and MAS core inflation are expected to ease in 2024, to 3.1% and 2.8% respectively.

For more, read here.

— Clement Tan

Wed, Sep 6 2023 1:13 AM EDT

Evergrande shares spike more than 54%, top gainer on the Hang Seng

Shares of Chinese property developer Evergrande jumped as much as 54.29% on Wednesday, leading gains on the Hang Seng Index.

The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.

The move come after Country Garden, another real estate giant in China, paid $22.5 million in bond coupon payments and avoided a default.

Shares of Country Garden Holdings and Logan Group also surged, gaining 21.78% and 24.1% respectively, while the Hang Seng Mainland Property Index was up about 4%.

See Chart...

— Lim Hui Jie

Tue, Sep 5 2023 10:26 PM EDT

Japan will not 'rule out any options' as yen weakens over 147 against greenback: Reuters

Japan's vice minister of finance for international affairs Masato Kanda warned that the country will not "rule out any options if speculative moves persist" against the yen, Reuters reported.

Kanda was speaking to reporters after the yen slid to a 10-month low against the dollar, breaking past 147 to reach as much as 147.78 on Wednesday.

"We won't rule out any options if speculative moves persist," Kanda said, according to Reuters' report. "Needless to say, it's important for currency moves to reflect fundamentals."

See Chart...

— Lim Hui Jie, Reuters

Tue, Sep 5 2023 9:59 PM EDT

Australia's economy grows 2.1% year on year in second quarter

Australia's gross domestic product expanded 2.1% in the second quarter from a year ago, higher than the 1.8% expected by economists polled by Reuters.

However the figure was lower than the 2.3% year-on-year growth recorded in the first quarter.

On a quarter-on-quarter basis, GDP rose 0.4%, marking the seventh consecutive quarterly rise.

Australia's statistics bureau said that exports and investment were the primary contributors to GDP growth this quarter, partly offset by changes in inventories.

— Lim Hui Jie

Tue, Sep 5 2023 8:05 PM EDT

CNBC Pro: HSBC names 6 'good value' Chinese tech stocks to buy — and gives one over 50% upside

HSBC named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%.

Valuations of Chinese internet stocks fell 5% between mid-June and the start of September, the bank said, adding that its picks offer "opportunities with good value."

CNBC subscribers can read more here.

— Lucy Handley

Tue, Sep 5 2023 8:05 PM EDT

CNBC Pro: RBC just raised its bet on this 'recession resistant' Canadian stock, giving it 20% upside

RBC has raised its bet on what it calls a "recession resistant' Canadian company, doubling the weighting of the stock in its "Focus List" bucket to 5%.

Although the bank's stock list has underperformed over the past six months, it has historically and consistently beaten its benchmark S&P/TSX Index.

The RBC Strategy Canadian Focus List returned 11.3% in compounded annual growth over the past five years. In contrast, the benchmark has risen by 7.8% on the same metric.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Tue, Sep 5 2023 10:29 AM EDT

Rising oil prices pressure cruise, airline stocks

Tuesday's pop in oil prices pressured airline and cruise stocks during early trading.

American Airlines, United Airlines, Delta Air Lines and Royal Caribbean lost more than 1% each, while Carnival shed about 3%.

Oil prices were last up more than 1%. The S&P 500's energy sector gained 1% during early morning trading.

— Samantha Subin

Tue, Sep 5 2023 8:05 PM EDT

CNBC Pro: Here are the most overbought and oversold major global stocks, including tech and bank names

After a volatile month for global stocks, CNBC Pro screened the MSCI World index for major global stocks that are among the most overbought and oversold, based on their 14-day relative strength index.

The relative strength index (RSI), which measures the magnitude and speed of price moves, can be used by investors to determine if shares are overbought or oversold.

The stocks on the screen also have a market value of more than $10 billion.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Tue, Sep 5 2023 3:08 PM EDT

The word 'recession' is disappearing from earnings calls, data shows

Fewer companies are discussing recessionary risks with investors, data suggests.

Of S&P 500 companies, 62 used the term "recession" on second-quarter earnings calls between June 15 and Aug. 31, per FactSet data.

That marks a decline for the fourth straight quarter. And it's about a quarter of the 238 companies that used the word at its peak in the second quarter of 2022.

At 62, the quarter is also below the five-year average of 82. But it's modestly above the 10-year average of 60.

Recessionary talk was most prominent among financial names within the index, as 22 companies, or 32% of the sector, used the word. That marks both the highest total number and share of companies of any of the S&P 500's 11 sectors, according to FactSet.

— Alex Harring

Tue, Sep 5 2023 9:36 AM EDT

Oil prices gain after Saudi Arabia extends voluntary oil production cut

Oil prices popped on Tuesday morning after Saudi Arabia extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.

Brent crude futures for November were up $1.49, or 1.67%, at $90.49 a barrel, while U.S. West Texas Intermediate crude October futures edged $1.95 higher, or 2.28%, to $87.50 a barrel.

Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis. This cut adds to another 1.66 million barrels per day of voluntary crude output declines that some other OPEC members have put in place until the end of 2024. Read more here.

— Pia Singh, Ruxandra Iordache

Tue, Sep 5 2023 7:04 AM EDT

Arm sets U.S. IPO between $47 and $51 per share

Chip designer Arm filed an updated regulatory filing for a U.S. initial public offering, setting a range between $47 per share and $51 per share. SoftBank, which owns Arm, plans to sell 95.5 million shares. This all implies a valuation of up to $54.5 billion.

— Fred Imbert.

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