Australia and Japan’s business activity contracted in October, while South Korea’s October producer price index rose at a faster rate in September
Asia-Pacific markets rebounded and erased earlier losses as investors assess private surveys of business activity from Japan and Australia, as well as the October producer price index from South Korea.rebounded as well and climbed 0.24%, and the Topix rose 0.19% as its October purchasing managers index flash reading saw its first contraction{Japan's business activity contracted in October, the first time since December 2022, according to flash estimates by the au Jibun bank.
The benchmark 10-year Treasury note yield briefly climbed back above the key 5% level before ticking down. It was last trading at about 4.85%.Japan business activity posts first contraction since December 2022 The bank noted that services activity remained in expansion, but grew at the weakest pace year-to-date"amid reports of worsening economic conditions in October." Services PMI stood at 51.1, compared with September's 53.8.
UBS has identified stocks that could surprise, both positively and negatively, when their earnings results are released in the coming weeks.This was the second straight month of increase in the PPI, after it decreased for 12 straight months from July 2022 to June and remained in contraction territory until July.
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Asia markets mostly fall as key data comes out from Japan, Australia and South KoreaAustralia's business activity contracted in October, while Japan's saw a contraction in its business activity as well. South Korea's October producer price index figures are also expected.
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