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Monday, October 3, 2022

Japan CPI inflation, China loan prime rate, currencies

China keeps key lending rates unchanged

The People’s Bank of China kept its one-year and five-year loan prime rates (LPR) unchanged, in line with predictions in a Reuters poll.

The one-year loan prime rate remains at 3.65%, and the five-year rate closely tied to home mortgages stands at 4.3%. China cut both those rates last month.

— Abigail Ng

CNBC Pro: Fund manager says the bear market is going to get ‘nasty’

Fund manager Cole Smead believes the stock market is still in the early innings of a bear market — and warns that it won’t be a “garden variety” one.

But, he is not losing any sleep over it. Here’s why:

Pro subscribers can read more here.

— Zavier Ong

Japan’s core inflation accelerates in August

Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed.

That’s the fastest growth in nearly eight years, and the fifth consecutive month where inflation has exceeded the central bank’s target of 2%.

Analysts polled by Reuters predicted a 2.7% increase, and consumer prices gained 2.4% in July.

The Japanese yen strengthened slightly to 142.96 per dollar.

— Abigail Ng

Stocks finish Monday’s volatile session higher

Stocks seesawed on Monday but ended the session in positive territory as a big Federal Reserve week kicked off.

The Dow Jones Industrial Average closed 197.26 points higher, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite gained 0.76% to 11,535.02.

— Samantha Subin

10-year Treasury yield jumps above 3.5%, hits highest level since 2011

The benchmark 10-year Treasury yield rose to 3.5% on Monday morning, hitting its highest level since 2011 as investors brace for a higher-for-longer period of interest rates amid the Federal Reserve’s fight against inflations.

Treasury yields rose above the board last week after the August consumer price index report showed a surprise increase in prices. However, the 10-year largely held near its June highs of 3.495% before taking another leg higher on Monday.

The 10-year last traded at a yield of 3.506%, up nearly 6 basis points. Yields move opposite to price, and one basis point is equal to 0.01%.

— Jesse Pound

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