Asia Markets Rise as Investors Further Digest China's Modest Growth Target
Investors further digested China's modest set growth target and looked ahead to a week of economic data releases and central bank decisions. The data releases will give clues on the strength of the U.S. economy, while the central bank decisions could provide more insight into the monetary policy o
This is CNBC’s live blog that covers Asia-Pacific markets.
Stocks in Asia-Pacific traded higher on Monday as investors further digested China's
It convened its parliamentary sessions, and looked ahead to a week's economic data.
The Australian government has a number of laws that protect the environment.
The Reserve Bank of Australia's Tuesday decision was beaten by 0.65%. Economists surveyed for Reuters expected a 25 basis-point increase in the cash rate.
The Topix gained 0.7% in the first hour of trading, while the Kospi rose 0.1%. The Kospi in South Korea rose 0.4%, while the Kosdaq gained 0.6%. This was due to South Korea's continued easing of inflation.
Futures for the
Hang Seng index
Investors also saw a rise in open after digesting key targets from the government work report of Chinese Premier Li Keqiang released Sunday.
The U.S. non-farm payroll will be a key focus this week with expectations to see cooled hiring, prompting the Federal Reserve to maintain a smaller rate hike pace.
Stocks on Wall Street
ended the week
higher as Treasury yields eased from their recent highs and investors weighed the cumulative impact from Fed hikes already implemented and digested this week's comments from the central bank.
Dow Jones Industrial Average
rose 1.17%, the
climbed 1.61%, and the
gained 1.97%. The yield on benchmark
10-year Treasury note
dipped below the 4% threshold.
— CNBC's Tanaya Macheel, Hakyung Kim contributed to this report
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The major averages close higher
Stocks closed higher on Friday, pushing the major averages to a winning week.
Dow Jones Industrial Average
rose 387.40 points, or 1.17%, to 33,390.97. The
climbed 1.61% to 4,045.64, and the
gained 1.97% to close at 11,689.01.
For the week, the Dow ended up 1.75%. The S&P added 1.9% and the Nasdaq jumped 2.58%.
— Tanaya Macheel
Weaker jobs market could lead to risk-on trade, David Rosenberg says
David Rosenberg, chief economist and strategist of Rosenberg Research, believes the stock market would see a sustained rally when the labor market starts to contract in three to four months.
"Right now you've got a situation where the stock markets and the credit markets seem to think that they have more time that they can buy before the boom really gets lowered on the economy," Rosenberg said on CNBC's "
"There's no doubt the economy is not strong, but it has to weaken precipitously. Unemployment has to start contracting... I think that's where you're going to find the risk on trade," he added.
The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gain since July 2022. The Federal Reserve could reverse its tightening policy when the jobs market shows weakness.
— Yun Li
Brent oil prices fall on reports UAE is considering an OPEC departure
Relations between Saudi Arabia and the United Arab Emirates growing more tense, according to a report
by the Wall Street Journal
. Citing Emirati officials, the report said the UAE is debating whether it should depart OPEC.
The news of the potential rupture in the oil cartel put a chill on Brent crude prices. At one point in Friday trading, prices had fallen nearly 3%, before recovering. Recently, the global benchmark was down 0.85% at $84.03.
The two oil producing nations have been jockeying for influence and disagree over the direction of the Yemen war, according to the report.
—Christina Cheddar Berk