Asian markets mixed ahead of US inflation data

India’s central bank kept its policy repo rate for the third straight meeting at 6.5%, in line with the expectations of economists polled by Reuters.

The Reserve Bank of India explained that headline inflation is expected to rise in July and August, driven by vegetable prices after a 4.81% rebound in June.

The RBI said the plant shock can be reversed quickly, but potential El Niño weather conditions coupled with global food prices need to be closely watched.

The central bank said it was prepared to act “if the situation warrants it.” He also reiterated his goal of bringing inflation down to his 4% target, as well as anchoring inflation expectations.

—Lim Hui Jie

from Japan wholesale inflation rate it slowed for the seventh consecutive month to 3.6%, below June’s revised figure of 4.3%.

Wholesale inflation is measured by the corporate goods price index, which tracks the price that companies charge each other for goods and services.

Ceramic, stone and clay product prices experienced the largest increase in July with a 15.2% year-on-year increase, while wood and wood product prices fell the most, recording a 23% drop. .1% year-on-year.

—Lim Hui Jie

Treasury yields and stocks have more upside potential ahead, and annuities are performing better than ever, according to some Wall Street investors.

If you are an investor, especially one approaching or retiring, what would be the best source of income?

CNBC Pro subscribers can read more here.

—Weizhen Tan

Bank of America has revealed its year-end price target for India Skilled index.

The Wall Street bank said a change in outlook from its US economics team was a key factor behind its India stock market prediction.

In addition, Morgan Stanley also revealed its “top pick” in the Indian banking sector, giving the stock a 40% advantage.

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—Ganesh Rao

Markets expect the consumer price index reading to be softer than expected, according to Bob Doll, chief investment officer at Crossmark Global Investments.

“That’s the expectation,” he said of a terrific read on the CNBC show. “Squawk in the street.” “The disappointment would be if it goes in the other direction.”

—Alex Harring

The September West Texas Intermediate crude oil contract touched $84.11 a barrel early Wednesday, the highest since mid-November 2022, while October Brent, the global benchmark, rose to $87.19 , or the highest since mid-April.

Meanwhile, September natural gas contracts reached $2,875 per thousand cubic feet, the highest level since early March. US natural gas production and consumption will hit all-time highs by 2023, the Energy Information Administration said on Tuesday, according to a Reuters report.

In reaction, the Sector Select Energy SPDR ETF jumped more than 2% early Wednesday, led in part by TEQ, coterra, VMS and diamond back.

Strategas Research technical analyst Chris Verrone told clients in a report early Wednesday that SLB recently hit a “new cycle high” and APA Corporation., formerly Apache, is on “the breakoput list”.

“The persistent bidding that dominated the oil market for much of the past year has turned into stealthy bidding in recent weeks, which is also reflected in the renewed strength in energy stocks,” Veronne wrote. “Since the 3.00% CPI release on July 12, Energy has carried the flag of leadership, outperforming the next best sector (Financials) by more than 300bp.”

—Scott Schnipper, Gina Francolla, Michael Bloom

Sales force and a group of financial stocks were among the worst performing members of the Dow.

Software stocks were the worst performers, down about 3%. Goldman Sachs, JPMorgan and amexpress they were also among the biggest laggards, with all more than 1% below.

More than two thirds of the 30 members changed. dow, inc. was the best-performing stock on average, up nearly 1%.

The index as a whole lost around 0.6%.

—Alex Harring

More than nine out of 10 S&P 500 The companies have released their quarterly financial statements this corporate earnings season as of Wednesday morning. And many have been surprisingly strong.

About four-fifths of the companies in the broad index that have already reported have beaten the average expectations of Wall Street analysts, according to FactSet data.

While most of this earnings season is in the rearview mirror, some big-name companies have yet to report. An example: Disney is expected after the bell.

—Alex Harring