Asia-Pacific markets mostly down;  Oil explodes before possible OPEC + supply cut

Asia-Pacific markets mostly down; Oil explodes before possible OPEC + supply cut

ANZ sees a significant possibility of an OPEC+ cut of up to 1 million barrels per day

Ahead of an OPEC+ meeting on Oct. 5, ANZ sees a “significant possibility of a cut” of up to 1 million barrels a day, analysts at the firm said in a note.

That move is likely to be made “to counteract excessive bearishness in the market.”

The note adds that any reduction in production below 500,000 barrels per day, however, “will be ignored by the market.”

-Jihye Lee

CNBC Pro: Investment Pro Says ETFs Are a $10 Trillion Opportunity, Reveals Areas of ‘Tremendous’ Value

Exchange-traded funds offer the benefit of diversification, says Jon Maier, chief investment officer at Global X ETF. He said the ETF market is “growing exponentially” and estimates it to be worth $10 trillion.

He mentions several opportunities for ETF investors in this volatile market.

Professional subscribers can read more here.

—Zavier Ong

Business confidence worsens for Japan’s big manufacturers

Sentiment for Japan’s big manufacturers worsened in the July-September quarter, according to the Bank of Japan’s latest quarterly tankan business sentiment survey.

The main index for confidence in large manufacturers came in at 8, down from the previous quarter’s reading of 9. Economists polled by Reuters had expected a print of 11.

“Our expectation and market expectations were for the manufacturing reading to improve: supply conditions had improved, seen diminishing impact on supply from zero covid policies in China, commodity prices down a bit “said Stefan Angrick, senior economist at Moody’s Analytics.

“The fact that the manufacturing side of the economy is not doing so well is certainly not good for the outlook,” he told CNBC’s “Squawk Box Asia.”

But the non-manufacturing index rebounded slightly, which could mean Japan’s belated recovery from Covid is underway, he added.

— Abigail from

CNBC Pro: The five global stocks experiencing the deglobalization trend, according to HSBC

New research from HSBC says supply chains, geopolitical tensions and worsening financial conditions have forced many global companies to “substantially” turn inward in search of resilient revenue and growth.

In a tough economic environment with recessionary pressures, the bank said turning inward is “likely helpful” for these stocks.

The report entitled ‘A wave of deglobalization?’ It said foreign sales by European companies fell below 50% in 2021, the lowest level in the last five years.

Oil prices rise after reports that OPEC+ considers a production cut

CNBC Pro: Should Investors Flee Stocks? Strategists give their opinion and reveal how to trade volatility

With monetary policy poised to tighten further in the coming months, and Wall Street plunged into the depths of a bear market abyss, many investors are beginning to wonder if now is the time to get out of the stock market and put their money elsewhere. asset classes.

CNBC Pro spoke to market watchers and reviewed research from investment banks to find out what the pros think.

Professional subscribers can read more here.

—Zavier Ong

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