7 hours ago
China’s consumer prices fall in October
China’s consumer prices fell in October as the world’s second-largest economy struggled with an uneven recovery from the coronavirus crisis.
Data from China’s National Bureau of Statistics showed the consumer price index fell 0.2% year-on-year, more than the 0.1% decline expected by economists polled by Portal.
This came after China’s CPI unexpectedly stagnated in September, highlighting the need for further policy support.
Producer prices fell 2.6%, slightly less than the expected 2.7% decline and marking the 13th straight month of declines.
Read the whole story here.
—Shreyashi Sanyal
7 hours ago
Country Garden shares plunge 6% in volatile trading
Hong Kong-listed shares of Country Garden, one of China’s largest property developers, fell over 6% in volatile trading.
Portal reported on Wednesday that China’s State Council had ordered the local government of Guangdong province to help Ping An Insurance Group rescue Country Garden.
Ping An denied the report in a statement later on Wednesday, saying: “The Portal story is untrue and there have been no such requests from relevant government departments/agencies.”
Hong Kong shares Ping An fell 1.43%, while the broader Hang Seng index fell 0.32%.
China’s CSI 300 was flat.
—Shreyashi Sanyal
9 hours ago
CNBC Pro: Want an 8% return? Buy “fallen angels” in the US bond market, says BNP Paribas
The bond bear market is the worst in more than 200 years, according to BNP Paribas’ global chief investment officer.
But, he said, one corner of the bond market represents an opportunity for investors: the U.S.’s “fallen angels” in the high-yield credit segment.
According to Morningstar, CNBC Pro takes a look at some of the top-rated funds and exchange-traded funds.
Subscribers can read more here.
– Weizhen Tan
9 hours ago
CNBC Pro: ‘Golden Opportunity’: Morgan Stanley says it’s a good time to buy gold stocks – and names its top global picks
According to Morgan Stanley, now is a good time to buy gold stocks.
Tensions in the Middle East sparked by the war between Israel and Hamas had sparked a rally in safe-haven gold as investment in the precious metal increased. The rally has since stalled, with spot gold prices up around 0.05% year to date.
What’s notable, however, is that gold stocks have underperformed the gold price by about 20% over the past three months, the investment bank’s analysts said, naming several stocks that could take advantage of the “golden opportunity.”
CNBC Pro subscribers can read more here.
—Amala Balakrishner
11 hours ago
According to Bank of America, active large-cap fund managers outperformed in October
Stocks suffered in October, but active large-cap funds managed to deliver strong performance, according to Bank of America’s Savita Subramanian.
Last month, 68% of active large-cap managers outperformed their benchmark, the firm’s head of U.S. equity and quantitative strategy said in a recent report. The average fund outperformed its benchmark by 34 basis points, she said.
To put things in perspective, the S&P 500 fell 2.2% and the Russell 1000 fell 2.5% in October, capping a three-month losing streak for both indexes as bond yields surged and stocks swooned.
The funds’ focus on large-cap names helped them cope last month. “Cracks began to form within the Magnificent 7, but the largest quintile of the Russell 1000 outperformed the smallest quintile by 5.” [percentage points] (-1.7% vs. -6.7%), Subramanian said.
-Darla Mercado, Michael Bloom
11 hours ago
Nasdaq Composite is on track to end the week up more than 1%
With the end of Wednesday’s session, the trading week is more than half over. All three major indexes are on track for successful weeks, but some are posting much smaller gains than others.
Here you can see where the three most important indices stand for the week:
—Alex Harring
11 hours ago
Stocks make the biggest moves after hours
These are some of the stocks that made the biggest moves in extended trading on Wednesday:
- Disney – Shares rose more than 3% after the media giant beat expectations for fourth-quarter profit from analysts surveyed by LSEG. Disney+ subscriber numbers were also strong.
- Poor – Shares fell about 7% as investors focused on the semiconductor company’s weak forecast.
- Lyft – The ride-sharing platform fell nearly 2% after reporting weaker-than-expected bookings and giving weak guidance for the current quarter.
The full list can be found here.
—Alex Harring
12 hours ago
Stock futures are lower
Stock futures fell slightly just after 6 p.m. ET on Wednesday evening.
Dow-linked futures lost 0.1%, while S&P 500 and Nasdaq 100 futures fell 0.2% and 0.3%, respectively.
—Alex Harring