Asia stock markets today: Live updates

An Hour Ago

Qantas CEO steps down 2 months early as regulators scrutinize ticket sales

Qantas announced Tuesday that CEO Alan Joyce will step down from his role two months early, effective Wednesday. In line with previously announced succession plans, the airline’s current CFO Vanessa Hudson will take over as CEO.

The accelerated change comes after the Australian Competition & Consumer Commission alleged that between May and July 2022 Qantas advertised thousands of flights it had already canceled.

On Monday, Qantas said it was reviewing the ACCC’s allegations and would comment further after. The airline said it fully cooperated in the investigation and understands the significant concerns it has created among its customers.

“We openly acknowledge that our service standards fell well short and we sincerely apologize. We have worked hard to fix them since and that work continues,” it said in the statement.

— Christine Wang

40 Mins Ago

Hong Kong private sector activity still in contraction, but sees improvement over July

Hong Kong private sector activity contracted for a second straight month in August, albeit at a slower pace compared to July.

According to a private survey done by S&P Global, the city’s global purchasing managers index came in at 49.8 compared to the 49.4 in July.

A PMI reading of above 50 indicates expansion in the sector, while one below 50 indicates contraction.

S&P Global said this was due to weaker underlying demand, weighed by softening economic conditions. However, this was offset slightly by exports growing fractionally in August.

— Lim Hui Jie

An Hour Ago

Singapore picks Chia Der Jiun as next central bank head

The Monetary Authority of Singapore announced late Monday that Chia Der Jiun will be its next managing director starting Jan. 1. Chia currently serves as permanent secretary at Singapore’s Ministry of Manpower.

Chia succeeds Ravi Menon who will retire from public service and step down from his roles at MAS on Dec. 31.

Singapore’s central bank didn’t provide further details on the reasons for Menon’s retirement. In May, he had been reappointed for another two years.

— Christine Wang

An Hour Ago

South Korea inflation rate quickens more than expected after six months of slowdowns

South Korea’s consumer price index climbed 3.4% year-on-year in August, the first rise recorded in the inflation rate since January.

The figure was sharply higher than the 2.3% gain in July and also higher than the 2.7% expected by economists polled by Reuters.

The consumer price index also rose by 1% month-on-month, higher than the 0.3% expected.

— Lim Hui Jie

An Hour Ago

CNBC Pro: UBS downgrades 2 large global automakers over ‘highly competitive’ Chinese EVs threat

UBS has downgraded two large global automakers over mounting competition from Chinese electric vehicle manufacturers.

The investment bank also cut price targets as it sees mass market car makers lose market share to Chinese firms such as Warren Buffett-backed BYD.

CNBC Pro subscribers can read more here.

— Ganesh Rao

An Hour Ago

CNBC Pro: Here’s where to invest $50,000 right now, according to the pros

Markets now look pretty different from just a few months ago when stocks were rallying.

If you had $50,000 to invest, where should you put it and how much should you allocate to each asset class? CNBC Pro spoke to portfolio managers and other investors to find out.

We also got back to those who told CNBC Pro how they would allocate $50,000 in June to ask what — if anything — they would change.

CNBC Pro subscribers can read more here.

— Weizhen Tan

2 Hours Ago

UBS expects ‘clear signs of slowing’ for U.S. economy by November’s FOMC meeting

UBS is sticking by its view of a “softish” landing for the U.S. economy, saying inflation is moving closer to the Federal Reserve’s target without a recession this year.

“August was a tough month for investors,” said Mark Haefele, global wealth management chief investment officer at UBS, noting that the S&P 500 ended last month down 1.6%. “Contradictory evidence and conflicting interpretations of economic data, asset pricing, and the outlook for Fed policy have buffeted asset prices in recent weeks as expectations of a soft landing for the US economy have ebbed and flowed.”

Some remaining uncertainties could still keep market on edge, Haefele said in the Monday note. Last month’s increase in core PCE came out well above the Fed’s target, which could sustain the possibility of another rate hike, the analyst said. UBS is also watching for a potential rebound in savings rates and further cooling in the labor market.

“Our base case view is that by the November FOMC meeting, the economy will have shown clear signs of slowing, leading the Fed to finally put an end to its sharpest rate hike cycle since the 1980s. We expect US Treasury yields to fall by year-end as both US economic growth and inflation moderate,” Haefele wrote.

— Pia Singh

2 Hours Ago

Stocks will try to keep momentum next month, but headwinds await

Investors are preparing for what history says is the weakest month for markets.

In September, traders will weigh fresh data from economic reports, including the personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation measure. Traders also await September’s two-day Fed meeting, during which central bank policymakers will announce their interest rate decision Sept. 20.

CNBC Pro subscribers can read more here about what to expect in the week ahead.

— Pia Singh, Sarah Min

Read More: Asia stock markets today: Live updates

2023-09-05 00:23:00

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