Asian traders assess third-quarter producer prices data from Australia and Caixin China manufacturing purchasing managers’ index reading for October.
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Australia's third-quarter producer prices index climbed 3.9% year on year, sharply lower than 4.8% reading in the previous quarter, according toIn South Korea, the blue chop Kospi lost 0.19% and the Kosdaq index declined 1.47%. Taiwan Weighted Index lost 1.51%, as Typhoon Kong-rey, the largest storm to hit the island in nearly 30 years, wreaked havoc.That marked the final trading day of a choppy month on Wall Street, with the 30-stock Dow recording monthly losses of 1.3%, S&P 500 declining 1% and the Nasdaq slipping 0.5%, amid heightened uncertainty ahead of the U.S. Presidential election and the Federal Reserve's rate decision next week.
U.S. crude oil futures closed nearly 1% higher on Thursday, as OPEC+ could delay its planned output boost and gasoline demand picked up in the U.S.Sources told Reuters that OPEC+ could delay its output hike planned for December by a month or more. The prospect of higher supplies next year has weighed on prices recently.Oil prices are down more than 3% this week after selling off steeply Monday in the wake of Israel's retaliatory strikes against Iran.
Equity markets rallied this year, as investors remained bullish on Big Tech but also scooped up shares in under-the-radar companies.The wealth manager — whose firm serves ultra-high-net-worth individuals across Asia, the Middle East and Europe — revealed his three stock picks, including two under-the-radar names.Matthews Asia: Strength of U.S. dollar poses major headwind for Asia markets
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