Asia markets gain, Japan stocks extend rise on dovish BOJ

52 Mins Ago

Aussie stocks hit 10-month highs, dollar flat

Asia-Pacific markets were largely higher on Wednesday, with stocks in Australia hitting their highest level in 10 months.

The the S&P/ASX 200 rose 0.6% to 7,534 to touch its highest since Feb. 7. The index has fallen in just two session over the last two weeks.

The Reserve Bank of Australia held interest rates steady at its last meeting of the year earlier this month, with markets now no longer pricing in a possible of rate hike, partly driven by the Federal Reserve’s more dovish tilt.

Minutes from that meeting showed on Tuesday that the Australian central bank deliberated on whether to raise rates by 25 basis points or leave them unchanged, with the board members eventually deciding to hold them at 4.35%.

“The minutes state the board once again debated the case to raise the cash rate or leave policy on hold.  We believe the decision to leave the cash rate unchanged in December was straight forward,”  analysts at CBA wrote in a client note.

“We remain comfortable with our base case for an easing cycle to commence in September 2024.”

The Australian dollar was largely flat against the U.S. dollar.

— Shreyashi Sanyal

52 Mins Ago

CNBC Pro: Want to play higher oil prices? Strategist names a favorite stock — and analysts give it 33% upside

It hasn’t been a good year for energy stocks — the only sector left out of November’s stock market rally.

And its outlook for 2024 looks similarly underwhelming: the International Energy Agency expects the slowdown to continue next year.

But one portfolio specialist is bullish on the sector’s long-term prospects.

“We’ve been more constructive on energy than we were in the last year,” Rahul Ghosh, equity portfolio specialist at investment firm T. Rowe Price told CNBC Pro, naming one under-the-radar stock to play the theme.


— Amala Balakrishner

5 Hours Ago

Oil prices rise as traders worry about Red Sea disruption

Oil prices on Tuesday rose more than 1% as traders worry about disruption to shipping through the Red Sea as militants based in Yemen attack vessels.

The West Texas Intermediate contract for January rose 97 cents, or 1.34%, to settle at $73.44 a barrel. The Brent contract for February gained $1.28, or 1.64%, to settle at $79.23 a barrel.

BP announced on Monday that it was pausing shipping through the Suez Canal over safety concerns as Houthi militants attack vessels. The U.S. is expanding a multinational maritime force to protect vessels from attack.

— Spencer Kimball

7 Hours Ago

Cash pouring into SPY could be a sign of ‘get me in’ behavior, BTIG says

The massive amount of cash moving in to the SPDR S&P 500 Trust (SPY) could be a signal the investor behavior is changing, according to BTIG technical strategist Jonathan Krinsky.

The ETF reported inflows of more than $20 billion on Monday, according to FactSet, and some data sources suggest it will report another sizeable investment for Tuesday. Krinsky said in a note to clients that there may be a connection between the stock market flirting with new record highs and the moves.

“While we can’t say there is a clear correlation between significant inflows and performance, that size is notable and perhaps speaks to a ‘get me in’ mentality?,” the note said.

Not all stock index funds are seeing the same demand, however. For example, the iShares Core S&P 500 ETF (IVV) reported nearly $9 billion in outflows on Monday.

— Jesse Pound

8 Hours Ago

K-pop shares rise, JYP Entertainment leads gains

The KPOP and Korean Entertainment ETF (KPOP) outperformed Tuesday, rising 2% after record label conglomerate JYP Entertainment announced a new boy band NEXZ.

JYP Entertainment shares gained about 8%, on pace for its best day since July 25, 2023 when the stock gained 9.38%.

— Sarah Min, Gina Francolla

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