This is CNBC’s live blog covering the Asia-Pacific market.
Asia-Pacific markets rebounded from Friday’s losses this week as investors focused on new indicators from China, Japan and South Korea.
Markets in the region plunged on Friday after Israel launched an attack on Iran, sending stocks lower and safe-haven assets rising.
Investors will be monitoring China’s one-year and five-year loan prime rates on Monday. His LPR for five years will be closely monitored as it acts as a fixed rate for most property mortgages.
Japan’s Nikkei Stock Average rose 0.86% on the move, while the broad-based Topix posted a hefty 1.44% gain.
South Korea’s Kospi also rose 1.13%, and the small-cap Kosdaq rose 1.04%.
In Australia, the S&P/ASX 200 started the week 0.64% higher.
Hong Kong’s Hang Seng Index futures stood at 16,331, indicating a positive open compared to HSI’s closing price of 16,224.14.
On Friday, the Nasdaq Composite and S&P 500 fell for six consecutive sessions in the United States, extending their longest losing streak since October 2022.
This downward trend was caused by Nvidia’s sharp decline, which added to recent market woes related to geopolitical conflicts and persistent inflation.
In contrast, the Dow Jones Industrial Average rose 0.56% as American Express rose more than 6% following the results. {
American Express lifts the Dow
The American Express Company logo appears on screens at the New York Stock Exchange during afternoon trading on April 9, 2024.
The Dow Jones Industrial Average outperformed again on Friday, helped by a post-earnings rally from American Express.
The blue-chip average is the only one of the three major indexes expected to rise in Friday trading. This was the smallest loss on a weekly basis.
American Express led the index gains on Friday, with its stock up more than 4%. The company posted higher-than-expected diluted earnings per share and reaffirmed its full-year outlook.
The next biggest risers on Friday were UnitedHealth and Chevron, each up more than 1.5%. Roughly two out of three of the 30 Dow members rose during the session.
— Alex Harring
—CNBC’s Yun Li and Alex Harring contributed to this report.
CNBC Pro: Analysts like this gold explorer’s stock, with even the most cautious expecting the stock to rise 114%
The Canadian gold explorer’s stock price could double, according to Scotiabank analysts.
Investment banks reiterated their bullish stance after mining companies announced new drilling results at U.S. mines.
And Scotiabank isn’t the only analyst who likes this stock. BMO Capital Markets puts the stock up 209%, while Beacon Securities suggests the stock could rise 400% over the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Top fund managers use these 7 global stocks to beat the market.
Global stock markets may be under pressure from geopolitical tensions and persistent inflation, but one portfolio manager sees potential in several stocks.
“There are always opportunities in any market situation, and we think the market is better than it currently believes,” Rob Hinchliffe, managing director and equity analyst at PineBridge Investments, told CNBC Pro last month. “I’m paying attention to stocks,” he said. .
Mr. Hinchliffe oversees more than $1 billion in assets for PineBridge through its Global Focus Equity Fund. The fund was established in 1999 and holds approximately 40 stocks.
He listed a number of stocks that are currently on the rise.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
Wharton’s Jeremy Siegel still expects two to three rate cuts by year-end.
Wharton University professor Jeremy Siegel told CNBC on Friday that he remains bullish on the Federal Reserve’s policy of cutting interest rates.
“Everyone can say the market was pretty optimistic at the beginning of the year with four or five rate cuts. Now it’s down to one. In fact, I think we might see two or three rate cuts by the end of the year. I think about it,” Siegel said. He noted that Fed Chairman Jerome Powell has indicated that a softening economy would be another reason to cut rates unless inflation gets out of control.
He said there were “positive trends” in personal consumption expenditure data going forward. He believes the Fed should cut interest rates even if the economy worsens if inflation falls, which he said would be “the very best case” for stocks going forward.
— Peer Singh
Barclays says big tech companies are outperforming during a downturn
Barclays says Big Tech can’t be blamed for the stock market rally losing its footing.
Strategist Venu Krishna said in a note to clients on Friday that the strength of the earnings power of the biggest tech stocks somewhat offsets this shortcoming.
“Big Tech was more resilient than other tech sectors through the MTD decline, perhaps because Big Tech’s profits were not dependent on multiple business expansions. Overall, losses were more evenly distributed than gains. It has been allocated,” Krishna said.
“First quarter earnings will be the next overhang,” Krishna added.
— Jesse Pound
Information technology stocks weigh on the S&P 500
Micron Technology’s solid state drives for data center customers were announced at a product launch event in San Francisco on October 24, 2019.
The information technology sector pushed the S&P 500 lower on Friday, extending the trend seen this week.
The sector fell more than 2% on Friday, making it the worst performer of the 11 sectors that make up the benchmark. In contrast, the overall index fell by less than 1%.
For the week overall, the sector was the biggest loser, down more than 6%. The S&P 500 overall fell less than 3%.
Super Micro Computers and Micron Technology led the sector in the red this week, plunging more than 17% and 12%, respectively. Nvidia and Jabil also fell more than 10% each this week.
— Alex Harring
