Asia Stocks Decline as Hong Kong and China Hit One-Month Lows, Wall Street Awaits US Economic Reports
Asian markets, led by Hong Kong, traded lower as investors assessed earnings and comments from the U.S. Federal Reserve board members. Meituan's shares plunged to a 44-month low after warning of slower growth in Q4. Goldman Sachs predicts that South Korea's markets offer the highest potential earnings growth in 2024, particularly in the semiconductor sector. The New Zealand dollar jumped 1% as the central bank held rates and warned of potential rate hikes to tackle inflation. Australia's inflation rate for October slowed more than expected. Major U.S. indexes are on track to post their best monthly performances this year. Oil prices settled higher as traders speculated about OPEC production cuts, and retail stocks outperformed on Tuesday. The IPO market has picked up again as interest rates stabilize and the stock market rallies into the year-end.
