Asian Stock Markets Today: Live Updates, China Data

Private sector activity in Australia According to Judo Bank’s flash estimates, it remained in contraction territory in December, but contracted at a softer pace.

The composite purchasing managers’ index for the country was 47.4, down from a 27-month low of 46.2 in November.

Australia’s manufacturing PMI came in at 47.8, up slightly from 47.7 in the previous month, while the services PMI came in at 47.6, a slower rate of contraction compared to 46.0 in November.

The bank said demand conditions remained under pressure in December, but inflation for input costs eased. Overall employment continued to grow and business confidence improved from November.

– Lim Hui Jee

Goldman Sachs recently added several stocks to its list of top picks.

Called “Punishment List – Directors’ Cut”, these lists cover the Americas, Europe and Asia-Pacific.

Here are four of the new additions.

CNBC Pro subscribers can read more here.

– Weissen Don

Federal Reserve Chairman Jerome Powell’s dovish tone raises the possibility of sooner-than-expected rate cuts and improves the chances of a slow descent if inflation continues to ease, Deutsche Bank said.

“While our baseline remains that the first rate cut could come in June 2024, and that the Fed will cut rates by 175 bps next year, today’s meeting signals a risk to this expectation,” U.S. Chief Economist Matthew Lucetti wrote on Wednesday. A note titled “December FOMC: Powell breaks out the punchbowl early at holiday party.”

“We see risks that rate cuts could come as early as March,” Lucetti continued. “Earlier policy easing would improve the prospects for a soft landing in the face of more substantial inflation.”

In fact, the CME FedWatch tool Markets are currently pricing in a roughly 72% probability that the central bank will cut rates by 0.25 percentage points in March. It was up 65% on Wednesday.

– Sarah Min, Michael Bloom

Mega-cap tech names lagged the market, entering negative territory amid broader market gains.

Microsoft and Netflix were down about 2.3% as of Thursday afternoon. Amazon and Alphabet fell 1.1% and 0.9%, respectively. Apple and MetaPlatforms also lost their shares by 0.2% and 0.5% respectively.

Meanwhile, the S&P 500 rose 0.2%, while the Nasdaq composite gained 0.1%.

– Hakyung Kim

Oil prices rose 3% on Thursday on a weaker dollar and slightly improved demand growth in 2024.

The West Texas Intermediate contract for January delivery was up $2.11, or 3.04%, at $71.58 a barrel, while the Brent contract for February delivery was up $2.35, or 3.16%, at $76.61 a barrel.

The U.S. dollar also fell to a four-month low on Thursday after the Federal Reserve signaled that rate hikes were over. A weaker dollar makes oil cheaper, which boosts demand.

The International Energy Agency said on Thursday that global oil demand will increase by 1.1 million barrels per day in 2024, up slightly from an earlier forecast of 930,000 barrels per day.

– Spencer Kimball

The benchmark rate broke below 4% for the first time in August as traders bet on Fed rate cuts for 2024. The 10-year last traded at 3.95%.