This is CNBC’s live blog covering the Asia-Pacific market.
Asia-Pacific markets are expected to fall on Friday, tracking Wall Street’s losses overnight and giving up gains from the previous day.
Investors will evaluate Japan’s March inflation rate. Economists polled by Reuters expect core inflation, which excludes fresh food prices, to rise 2.6% from a year ago.
Traders will also focus on semiconductor stocks after Taiwan’s semiconductor giant Taiwan Semiconductor Manufacturing Co. beat expectations for first-quarter sales and profit on Thursday.
Japan’s benchmark Nikkei 225 is expected to fall, with futures in Chicago at 37,730 and futures in Osaka at 37,710, compared with the index’s last close of 38,079.7.
In Australia, S&P/ASX 200 futures could also open lower at 7,612 compared to the previous close of 7,642.1.
Hong Kong’s Hang Seng Index futures stood at 16,355, indicating a weaker opening price compared to HSI’s closing price of 16,385.87.
Overnight, all three major indexes on Wall Street ended mixed, with the S&P 500 falling for the fifth day in a row, its longest losing streak since October of last year. The composite index fell by 0.22%, and the Nasdaq Composite Index fell by 0.52%.
The Dow Jones Industrial Average rose 0.06% to close just above its 2024 flat line.
—CNBC’s Brian Evans and Alex Harring contributed to this report.
CNBC Pro: Pros list the top 8 stocks to buy as India heads to polls
Population growth, strong consumption levels and increased manufacturing activity have boosted India’s economy over the past year, with market watchers actively exploring opportunities in the South Asian powerhouse.
India’s stock market is also booming, with economists saying the country’s market capitalization could reach $60 trillion over the next 20 years.
The election comes amid a huge election in India, which has around 970 million registered voters, and was held from April 19 to June 1.
We asked professionals to name the sectors and stocks to watch in the country right now.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
CNBC Pro: Here are 6 stocks to rise when Nvidia stock falls
When NVIDIA stock falls, six stocks in the S&P 500 frequently rise, according to CNBC Pro analysis.
CNBC Pro screened S&P 500 stocks that are inversely correlated with NVIDA’s one-month and one-year time horizons, as the stock fell into correction territory for the second time this month.
CNBC Pro subscribers can read more about the six stocks here.
— Ganesh Rao
Strategas says the S&P 500 is “slightly oversold”
Chris Verrone, head of technical and macro research at Strategas, said the recent decline in stocks has heightened some oversold signals.
He said in a note Thursday that the stock is currently trading about 30% above its 50-day moving average and is closer to the 20% range that is “worth targeting in an uptrend.”
“Yesterday’s pop-in put/call ratio and recent increase in ‘short’ S&PETF volume caught our attention as price trends begin to influence action,” Bellone said.
Indeed, market leadership is ultimately more important, he noted. Despite the rise in interest rates, utilities in particular are starting to recover, which Verrone believes is worth keeping an eye on.
“The more important question we have in mind is what character the leadership will take on if there is a backlash, and whether the pro-cyclical tone that has been so dominant for much of the last six months resumes. “Discretionary vs. Staples is solid but borderline oversold…It’s important to be proactive in the coming weeks,” Verrone said.
— Ha-Kyung Kim
MRB Partners expects inflation to remain high above Fed’s 2% target
According to MRB Partners, Wall Street may be wrong to expect the recent rise in inflation to be an anomaly rather than a more worrying long-term trend.
“The recent rise in inflation is unusual and the general consensus is that inflation will return to pre-pandemic lows going forward,” the company said on Wednesday. “The last three CPI reports support the MRB’s view that the consensus is wrong.”
Instead, inflation is likely to remain at a clip of 3% to 4%, according to the MRB. The Fed’s recommended inflation measure, the Personal Consumption Expenditure Index, will also “accelerate again in the second half of this year,” the company said.
“Unlike the Fed and the consensus, we ultimately believe that economic growth is very important to inflation,” the independent research firm said.
— Brian Evans
Mining stocks rise ahead of Bitcoin halving
Bitcoin mining stocks rose on Thursday ahead of an impending “halving” event in which major revenues will be cut in half, estimated to occur in the coming days.
Marathon Digital rose 7%, Riot Platforms rose more than 4% and Iris Energy rose 8%. CleanSpark, one of the few miners still active this year, is up 13%.
Many listed miners are preparing for this by placing bulk purchase orders for new mining equipment and increasing their hashrate by increasing their power capacity. Nevertheless, uncertainty ahead of the halving has weighed on mining stocks, most of which are down double digits since the start of the year.
While most public crypto miners are poised to weather the supply shock of the Bitcoin halving, JPMorgan has named its top picks. For more information, read the full article here.
— Tanaya Machel
