Asian markets continue their losses after Powell’s statements. Inflation slows in Japan

China kept its benchmark loan interest rates unchanged for October, after the slowdown in the world’s second-largest economy showed signs of stabilizing in the wake of recent political support.

The People’s Bank of China left its key one-year loan rate – the peg for most household and business loans in China – unchanged at 3.45%. The benchmark five-year loan rate — the peg for most mortgages — was fixed at 4.2%, according to a statement from China’s central bank on Friday.

– Clement Tan

The yield on the benchmark 10-year US Treasury note exceeded 5% for the first time in 16 years.

The yield on the 10-year Treasury note reached 5.001% at 5:02 PM EST, the first time it has traded above this key level since July 20, 2007 when the yield reached 5.029%.

— Gina Francola, Christine Wang

Japan’s headline inflation rate was 3% for September, slowing from 3.2% in August.

However, this reading was the 18th consecutive month that inflation remained above the Bank of Japan’s 2% target.

Core inflation – which excludes fresh food prices – also slowed to 2.8%, down from 3.1% in August.

Separately, the so-called “core” inflation measure, which excludes fresh food and energy prices and is monitored by the Bank of Japan, fell to 4.2% from 4.3% in August.

– Lim Hui Ji

Six global stocks appear close to forming what is known as a “death cross” chart pattern, indicating potential selling pressure in the near future.

A death cross is a price chart pattern that forms when a stock’s 50-day moving average crosses below its 200-day moving average. Technical analysts see this as a sign that investors are bearish on the stock or that the stock’s momentum is weakening and will continue to decline, with a potential buying opportunity soon. The death cross is also used as a bear market predictor.

CNBC Pro subscribers can read more about these six stocks here.

-Ganesh Rao

Investors considered the rise in gold prices a sign of the markets’ aversion to risk during a period of rising bond yields and the escalation of the conflict between Israel and Hamas. Spot gold was last trading at $1,957.39 an ounce, up about 8% from its October low of $1,819.

However, Katie Stockton of Fairlead Strategies expects gold to be “overstretched in the short term” and could pull back next week. It expects the recent move higher to be a rebound from previous lows.

“Gold has really gone up this week,” Stockton said. “Everyone was quick to say it was because there was now less risk in the market, but I disagree.”

“We have to put it in the context of what happened before this gold rally, which was a really sharp downtrend. So, gold is basically back to where it was in mid-to-late September,” she added. “So we’ve seen a round-trip in the gold price.”

Shares of pharmaceutical companies such as Pfizer and Moderna were among 26 names on the S&P 500 that reached new lows on Thursday. Illumina shares were also trading at low levels not seen since December 2016.

Elsewhere, United Airlines hit lows last seen in October 2022, while Southwest Airlines was trading at lows not seen since May 2020.

Here are some other names that have reached new lows:

-Sarah Main, Gina Francola