This is CNBC’s live blog covering the Asia-Pacific market.
Asia-Pacific stocks fell after mixed trading on Wednesday as markets focused on developments in electric car makers.
Tesla’s first-quarter car deliveries fell 8.5% from a year earlier, and the U.S. EV maker’s stock price fell 5%. Chinese EV maker BYD announced that its first quarter sales fell 43% from the previous quarter.
Investors will also be monitoring data on China’s services sector.
Wall Street’s selloff also hurt sentiment as last week’s solid inflation data and Monday’s strong economic data pushed U.S. Treasury yields higher and made it less likely the U.S. Federal Reserve would cut interest rates in June. gave.
Japan’s Nikkei Stock Average fell more than 1.3% on the move, while the broader Topix fell 0.82%.
South Korea’s Kospi also fell by 0.8%, and the small-cap stock Kosdaq also fell by 1.24%.
Hong Kong’s Hang Seng Index futures were at 16,907, opening marginally lower after the index closed more than 2% higher at 16,931.52.
In Australia, the S&P/ASX 200 fell 0.75%, extending its decline from the previous session.
The Dow Jones Industrial Average fell for a second straight day as bond yields rose and expectations that the Federal Reserve would cut interest rates in June waned.
The Dow Jones Industrial Average closed nearly 400 points, or 1% lower, and the S&P 500 index fell 0.72%. It was the worst day for the Dow and S&P 500 since March 5th. The Nasdaq Composite fell 0.95%.
—CNBC’s Pia Singh and Lisa Kailai Han contributed to this report.
CNBC Pro: Feeling FOMO on Reddit or Truth Social? Here’s another way to cash in on meme stocks
From the GameStop craze of 2021 to the recent surge in Reddit and Truth Social stocks, many investors are probably afraid of missing out on these seemingly lucrative opportunities (FOMO).
But for investors who can’t stomach the risks associated with meme stocks, there are lower-volatility ways to take advantage of this trading phenomenon, said Hannah Gooch Peters, global equity investment analyst at Sanlam Investments.
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— Ganesh Rao
CNBC Pro: “Great market”: Strategist names one hot stock to watch in Japan right now
Several investors have taken a positive view of Japanese stocks over the past few months, and market strategist Matt Orton is no exception.
“Japan has been a great market overall…Japan is the biggest market in the Asian stock market complex,” the chief market strategist at asset management firm Raymond James Investment Management told CNBC’s “Squawk Box Asia” on April 1. was a top performer.”
A lesser-known name stands out as a good play for him right now.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
Fed’s Mary Daly still expects three rate cuts in 2024
San Francisco Federal Reserve President Mary Daley speaks at an event at the Brookings Institution in Washington, DC, on July 10, 2023.
San Francisco Fed President Mary Daly said Tuesday that she still expects three rate cuts this year, although this is not a certainty.
“I think this is a very reasonable baseline, but what I’m saying here is, this is a prediction, right?” Daley said during a panel discussion in Las Vegas. “Three interest rate cuts are a prediction, and a prediction is not a promise.”
Daley, who is this year’s voter on the Federal Open Market Committee, which decides interest rate settings, also said he was unmoved by Monday’s report showing the manufacturing sector expanded in March for the first time in 16 months. Ta. Instead, she said she and her fellow policymakers are looking at a wide range of indicators.
“I have a path in my head where interest rates start to adjust this year. We’re not there yet,” he said.
— Jeff Cox
Energy ETFs hit 10-year high
Global energy stocks are hitting new highs as oil prices rise. On Tuesday, the iShares Global Energy ETF (IXC) rose 0.9%, hitting its highest since September 2014.
PetroChina, Canadian Natural Resources, ConocoPhillips and Marathon Petroleum are among the exchange-traded funds (ETFs) that hit 52-week highs on Tuesday.
— Ha-Kyung Kim
