Japan’s economy unexpectedly contracts within the third quarter, data shows
Japan’s economy unexpectedly contracted within the third quarter from a yr ago, official preliminary estimates showed.
Gross domestic product shrank 1.2% within the July-to-September quarter compared with the identical period last yr, missing estimates for growth of 1.1% in a Reuters poll.
— Abigail Ng
CNBC Pro: China is easing its Covid measures. Here’s how market pros are playing it
Which stocks may benefit if China rolls back its zero-Covid policy? Market pros reveal play a reopening as China eases a few of its virus controls.
Pro subscribers can read more here.
— Zavier Ong
Stocks off lows of session on Brainard comments
The S&P 500 rebounded off its lows and Treasury yields eased from their highs a bit late morning after Federal Reserve Vice Chair Lael Brainard said it could “soon” be appropriate to slow the pace of rate of interest hikes, in a conversation with Bloomberg News.
The S&P 500 was last just down 0.1% after being off by greater than 0.7% at one point Monday. The ten-year Treasury yield was 5 basis points higher to three.878% after trading as high as about 3.90% earlier.
“I believe what’s really essential to emphasise is we have done quite a bit but we now have additional work to do each on raising rates and sustaining restraint to bring inflation all the way down to 2% over time,” Brainard added.
—John Melloy, Jeff Cox
Fed’s Waller’s message to markets: Rates endpoint is ‘still a ways on the market’
Fed Governor Chirstopher Waller said that, while the central bank could raise rates at a slower pace next month, this should not be interpreted as a softening register its fight to bring down inflation.
“Quit listening to the pace and begin listening to where the endpoint goes to be. Until we get inflation down, that endpoint continues to be a ways on the market,” Waller said Sunday.
Earlier this month, the Fed raised rates by 75 basis points to their highest level since 2008.
— Fred Imbert
