6 hours ago
China services activity rebounded slightly in October: Caixin survey
China’s services sector grew slightly faster in October, according to the Caixin services survey.
The purchasing managers’ index was 50.4, just above the September value of 50.2. Caixin wrote that this indicates a continued increase in business activity in the services sector, but the reading means only a marginal growth rate overall.
According to Caixin, China’s service sector has been in expansion territory for ten consecutive months.
—Lim Hui Jie
8 hours ago
CNBC Pro: Bonds or Stocks? Wall Street shares its preferences – and how to invest
Should an investor choose bonds or stocks in the short to medium term?
Both markets have been volatile recently, which could make the choice difficult for traders.
Stock prices rebounded following the Federal Reserve’s decision to keep interest rates stable, but Fed Chairman Jerome Powell stressed that the central bank had not yet begun to consider cutting interest rates and would not do so until the Inflation is under control.
CNBC Pro takes a look at what Wall Street pros are saying.
Subscribers can read more here.
– Weizhen Tan
7 hours ago
Business activity in Hong Kong shrank to a near one-year low in October
Private sector activity in Hong Kong continued to decline in October as new business, including from mainland China, continued to decline, 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 the lowest since November 2022 and marked the fourth consecutive month of decline.
A PMI reading below 50 is considered a contraction.
According to S&P Global, hiring activity also fell in Hong Kong, while input cost inflation continued to rise above that of selling prices.
—Shreyashi Sanyal
10 hours ago
How extensive and broad was the stock market rally on Thursday? Very.
Ninety percent of the total volume of shares changing hands on the New York Stock Exchange on Thursday rose in price. Less than 10% declined. On the Nasdaq stock market, about 82% of volume was higher, while less than 18% saw lower prices.
Advancing stocks outnumbered declining stocks by nearly 9-1 on the New York Stock Exchange versus about 7-2 on the Nasdaq. The total volume of shares traded on both markets was about 15% higher than the daily average over the past month.
Seven of the 11 major stock sectors rose more than the S&P 500, rising 1.89%, led by energy and real estate (both up 3.1%) and financials (up 2.4%). The laggards were communications services (up 0.9%), consumer staples (up 1.3%) and healthcare (up 1.6%).
In addition to the boost for stocks that came from falling Treasury yields, prices were also boosted by a weaker dollar. The DXY Dollar Index fell 0.66% on Thursday.
– Scott Schnipper
10 hours ago
Stock futures open lower
Stock futures opened lower on Thursday as Apple slipped in extended trading following its fourth-quarter earnings release.
Futures tied to the Nasdaq 100 fell 0.3%, while S&P 500 futures fell 0.1%. Dow Jones Industrial Average futures fell 8 points, or 0.02%.
—Brian Evans