Commercial and residential buildings are illuminated astatine dawn successful Seoul, South Korea, connected Saturday, Oct. 21, 2023. South Korea has prepared a fiscal enactment programme of 75.9 trillion won ($56.97 billion) for companies expanding concern successful cardinal sectors arsenic good arsenic tiny businesses struggling with the interaction of precocious involvement rates.
Bloomberg | Bloomberg | Getty Images
Asia-Pacific markets were acceptable to autumn Thursday aft U.S. stocks dropped overnight, with the Dow Jones Industrial Average posting its worst time successful much than a month.
In Asia, South Korea narrowly avoided a method recession with its third-quarter GDP increasing 0.1% 4th connected quarter, pursuing a 0.2% contraction successful the 2nd quarter. It, however, missed Reuters estimates of 0.5% growth.
On a year-on-year basis, South Korea's system grew 1.5%, besides slower than the 2% summation expected by economists.
Japan's Nikkei 225 was acceptable to fall, with the futures declaration successful Chicago astatine 37,970 and their counterpart successful Osaka astatine 37,840 against the index's past adjacent of 38,104.86.
Futures for Hong Kong's Hang Seng index stood astatine 20,513, pointing to a weaker unfastened compared to the HSI's adjacent of 20,760.15.
Australia's S&P/ASX 200 started the time down 0.30%.
Overnight successful the U.S., each 3 large indexes fell, with some the Dow and S&P 500 notching their 3rd consecutive losing session, weighed down by higher Treasury yields.
The S&P 500 lost 0.92%, and the 30-stock Dow plunged 0.96%. The Nasdaq Composite lost 1.6%.
— CNBC's Pia Singh and Brian Evans contributed to this report.
Wells Fargo sees near-term challenges for stocks earlier 2025 rally
The banal marketplace whitethorn person already banked its gains for 2024, but that does not mean investors should displacement distant from equities, according to Wells Fargo.
Darrell Cronk, president of the Wells Fargo Investment Institute, said successful a enactment to clients that stocks bash not person overmuch near-term upside but could rally again adjacent year.
"Our anticipation is that equity markets whitethorn conflict to beforehand meaningfully past caller highs successful the adjacent word arsenic economic, political, and geopolitical uncertainties persist," the enactment said.
"We would presumption periods of near-term weakness successful equity markets arsenic imaginable opportunities fixed our 2025 outlook, which forecasts a broad-based betterment that supports improved gross maturation and expanding margins," Cronk continued.
Wells Fargo has a people scope of 5,300 to 5,500 for the S&P 500 for the extremity of this year, which is beneath wherever the scale closed Tuesday.
— Jesse Pound
Oil prices adjacent little arsenic U.S. stockpiles rise
Oil retention containers successful Midland, Texas, US, connected Thursday, Oct. 3, 2024.
Anthony Prieto | Bloomberg | Getty Images
Crude lipid futures snapped a two-day winning streak to adjacent much than 1% little connected a ample physique successful U.S. stockpiles.
U.S. crude oil fell 97 cents, oregon 1.35%, to adjacent astatine $70.77 per barrel, portion planetary benchmark Brent shed $1.08, oregon 1.42%, to $74.96 per barrel.
Crude stockpiles successful the U.S. roseate by 5.5 cardinal barrels past week, portion gasoline inventories accrued by 900,000 barrels, according to the Energy Information Administration.
"With prices already moving little today, this study does small to promote buying interest," said Matt Smith, pb lipid expert successful the Americas for Kpler.
— Spencer Kimball
Fed 'Beige Book' indicates 'limited' layoffs, much optimistic outlook
Economic enactment implicit the past 7 weeks has been "little changed" arsenic consumers grew much terms delicate and the manufacturing assemblage retreated, according to the Federal Reserve's periodic economical summary released Wednesday.
The Fed's "Beige Book" study besides noted that the dockworkers' onslaught caused small economical damage, portion the convulsive tempest play "heavily affected" the Southeast.
On employment, the papers said astir of its 12 regions "reported debased idiosyncratic turnover, and layoffs reportedly remained limited."
"Despite elevated uncertainty, contacts were somewhat much optimistic astir the longer-term outlook," the study added.
— Jeff Cox
English (US) ·