- Chinese stocks rallied after Beijing took stronger action to support the world’s second-largest economy, spurring hopes that the market’s rout may ease.
- Japanese and Korean stocks linked to China's consumer and manufacturing demand initially surged, pushing an Asian equity benchmark towards its best finish in a week, though gains later diminished.
- China’s President Xi expressed willingness to manage differences with the US and jointly address global challenges.
- Japanese Leading Indicator Change was revised to an actual 1.0%.
- Japanese Chain Store Sales Year-over-Year (YoY) reported at 3%.
- Australia's Treasurer Chalmers noted that while inflation is moderating, it remains persistent in Australia.
- Australian CPI figures:
- Month-over-Month (MoM) at 0.30%.
- Year-over-Year (YoY) at 5.4%, slightly above the forecast of 5.3%.
- Reserve Bank of Australia (RBA) Weighted Mean CPI YoY at 5.2%.
- Quarterly CPI at 1.2%, above the forecast of 1.1%.
- US American Petroleum Institute (API) stock changes:
- Gasoline: -4.169M barrels.
- Distillate: -2.313M barrels.
- Cushing: +0.513M barrels.
- Crude Oil: -2.668M barrels, against a forecast of +1.55M barrels.
Australia's CPI data comes in slightly above expectations. The Australian dollar is strengthening following the release of the new report. Investors now estimate a higher probability for an interest rate hike at the RBA's November 7 meeting.
