“If you want to get a 6% to 8% return, you’re going to have to put some money in harm’s way,” he told CNBC “Street Signs Asia” on Wednesday. He names the stocks and sectors he likes to navigate the current volatility. Pro subscribers can read more here. — Zavier Ong
China holds key rate, state media reports banks cut deposit rates
The People’s Bank of China kept the rate for one-year medium-term lending facility loans (MLF) unchanged at 2.75%, while partially rolling over some maturing loans. That was in line with analysts’ expectations, according to a Reuters poll. Separately, Chinese state media reported that some banks will be cutting deposit rates, citing sources. Hong Kong-listed shares of China Merchant Bank were 4.7% higher in morning trade following the report – Ping An Bank’s shares in mainland China rose 2.514% and Xiamen Bank’s stock gained 3.534%. — Abigail Ng
Australia adds 33,500 jobs in August
Australia added 33,500 jobs in the month of August, a 0.2% increase from July in seasonally adjusted terms. Net employment declined in July. The nation’s unemployment rate rose to 3.5%, with the youth unemployment rate at 8.4% for the month. The market participation rate is at 66.6%, marginally higher than the previous month’s 66.4%. –Jihye Lee
U.S. 2-year Treasury yields hits 3.8% again
The U.S. 2-year Treasury note briefly rose to 3.8% again after reaching its highest level since November 2007 earlier this week. Short-term bond yields, which are most sensitive to Fed policy, soared following the U.S. inflation report on Tuesday. The yield on the benchmark 10-year Treasury was also at 3.41% and the yield on the 30-year Treasury bond was at 3.46%. Yields move inversely to prices, and a basis point is equal to 0.01%. –Jihye Lee
New Zealand’s growth recovery driven by transport, data shows
Gross domestic product in New Zealand rebounded in the June 2022 quarter, growing 1.7% after shrinking 0.2% in the previous quarter, official data showed. Transport, postal, and warehousing jumped 19.7%, driven by air transport and transport support services, while arts, recreation and other services grew 9%. New Zealand eased Covid restrictions earlier this year, including loosening entry requirements for tourists. — Abigail Ng
CNBC Pro: Morgan Stanley says the S&P 500 is set for a comeback by year-end. These are its top stock picks
U.S. markets had a meltdown on Tuesday — the worst since June 2020 — following yet another hot inflation report. But that may not last for long, according to Andrew Slimmon of Morgan Stanley Investment Management, who says the S&P 500 could enjoy upside by year-end. He predicts the level that the S&P 500 will rise to by the year end, and also picks stocks to buy into the “fear.” CNBC Pro subscribers can read more here. — Weizhen Tan
