Asian markets were mixed as investors assessed private business activity reports from Australia and Japan – Business

an hour ago

Singapore core inflation rose 3.8% in July

Singapore’s core inflation rose 3.8% in July Year-over-year, in line with Reuters analysts’ expectations and lower than June’s 4.2%.

Headline inflation in the city-state rose 4.1% in July from a year earlier, driven by increases in entertainment, food, healthcare and miscellaneous goods and services.

— Lee Ying Shan

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Japan’s business activity expands at a brisk pace in August: Au Jibun Bank

Japan’s business activities expand According to a private survey by Au Jibun Bank, the pace accelerated in August, driven by a “solid” services sector expansion.

The country’s flash Purchasing Managers’ Index came in at 52.6, up from 52.2 in July.

Japan’s manufacturing PMI was in contraction territory for the third consecutive month, recording a reading of 49.0. Meanwhile, its services sector saw a strong expansion, with the PMI for the sector rising to 54.3 from 53.8.

A reading above 50 indicates expansion, while a reading below 50 indicates contraction in the sector.

— Lim Hui Ji

5 hours ago

CNBC Pro: These 2 ‘secular’ growth stocks may rise despite rate hikes, fund managers say

According to several fund managers, shares of these two companies could remain on their “secular” growth trajectory despite rising interest rates or a slowdown in global growth.

One of the companies said it expects a compound annual growth rate of up to 19% over the next three years. The stock jumped about 15% in response and is up nearly 75% this year, beating the broader tech sector.

CNBC Pro subscribers can read more about the two stock and one options ETF plays here.

– Ganesh Rao

6 hours ago

Australian business activity contracted at fastest pace in 19 months in August: Juno Bank

Australia Business activity contracted in August at its fastest pace in 19 months, according to Juno Bank’s private survey.

The country’s August flash composite PMI came in at 47.1, down from 48.2 in July.

Australia’s manufacturing PMI stood at 49.4, while its services sector PMI was 46.7. The services sector PMI was also at a 19-month low.

A PMI reading above 50 indicates sector expansion, while a reading below 50 indicates contraction.

— Lim Hui Ji

5 hours ago

CNBC Pro: How powerful is the US consumer? Two investors weigh in, naming stocks to buy — and types to avoid

Recent data suggest that Americans are willing to spend so far, especially as inflation continues to decline.

But some companies say customers seem to be cutting back.

The implications could be significant because consumer spending accounts for nearly two-thirds of the U.S. economy.

On Friday, Jason Weir, chief investment officer at Albion Financial Group, and Brian Stutland, portfolio manager at Equity Armor Investments, presented their bull and bear cases, respectively, on CNBC’s “Street Signs Asia.”

They also named stocks to buy.

CNBC Pro subscribers can read more here.

— Wizen Tan

11 hours ago

Financials pulled on Tuesday, while real estate and utilities gained

Real estate and utilities outperformed the S&P 500 on Tuesday, rising 0.4% compared to a 0.3% decline in the broader market index. Digital Realty Trust and Iron Mountain led the real estate sector’s gains, both up more than 2%.

The financials sector was the biggest decliner, trading 0.8% lower on Tuesday, with banks downgrading the group after S&P Global downgraded several regional lenders. Regions Financial lost 5.1% and Zions Bancorp shed, while KeyCorp and Comerica fell 4%. Charles Schwab fell 4.8% on news that the firm is looking to raise debt in the bond market.

Energy and consumer staples also lagged the market. Target’s stock price fell 3% and Estee Lauder fell 1.8%. Other retailers trading on Red Tuesday include food products distributor Cisco, Dollar General and spice maker McCormick & Company.

– Piya Singh

10 hours ago

Oil supply could outstrip demand, says Citi Commodities chief

Investors should be bearish on oil, according to Ed Morse, head of global commodities at Citi Research.

He said, many countries have been able to increase their oil production. Meanwhile, he said demand likely won’t keep up.

“The supply side is probably more important than the demand side right now,” he said on CNBC’s “Power Lunch.” “We cannot underestimate what is happening in the supply chain.”

— Alex Haring

15 hours ago

Business indicators showed weakness in August

Business surveys from two Federal Reserve districts showed activity slowed in August.

Business of Richmond Fed Production survey This resulted in a reading of -7 for the month. That was up slightly from -9 in July and the Dow Jones estimate of -10. However, the gauge presents differences between companies looking at expansion versus contraction, so it still shows weakness.

Separately, the Chicago Fed’s survey of economic conditions turned in a reading of -23, better than -31 in July. The Richmond-like reading is not a direct indicator of expansion, but the level suggests that “economic growth was below trend,” the central bank said in an accompanying statement.

– Jeff Cox

16 hours ago

Home sales fell in July as prices rose

Home sales fell at a faster-than-expected pace in July as prices pushed higher, National Association of Realtors report tuesday

Current sales fell 2.2% from June, beating Dow Jones estimates for a 0.2% decline. Sales totaled 4.07 million, against estimates of 4.15 million, and were down 16.6% from a year earlier.

The median sales price rose 1.9% to $406,700, while unsold existing homes rose 3.7% from June, equivalent to 3.3 months of supply.

– Jeff Cox

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