Asian markets fell as investors looked to China’s GDP and Japanese inflation data

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The New Zealand dollar rises after the election results

The New Zealand dollar rose on Monday after former Conservative businessman Christopher Luxon was elected as the country’s new prime minister.

The New Zealand dollar rose 0.49 percent to $0.5913 in Asian trading. Luxon’s centre-right National Party will form a new government with his preferred coalition party, ACT.

Investors are also awaiting New Zealand’s inflation figures due on Tuesday for further clues on whether interest rates could be raised again. Consumer prices are expected to rise 2.0% in the third quarter, compared to 1.1% in the previous quarter.

– Shreyashi Sanyal

Friday, October 13, 2023 at 4:32 PM EST

Gold has its best day of the year on Friday; Crude Oil has the best day since April

December gold futures closed 3.11% higher on Friday, posting the strongest one-day advance since December 2022, and rising above the 50- and 200-day moving averages for the first time since September 20. Gold’s weekly gain of 5.22% was the largest since mid-March, leaving the precious metal up 6.31% year over year.

The VanEck Gold Miners ETF jumped 4.36% on Friday, while the VanEck Junior Gold Miners ETF rose 5.12%.

In energy markets, WTI and Brent crude oil turned in their best days since April 3, with November WTI futures up 5.77% to $87.69 per barrel and December Brent crude futures up 5.69% to $90.89 per barrel. The national average for a gallon of gasoline fell to $3.628, down 12 cents from last week and 22 cents from the previous month, the AAA said.

Among soft commodities, orange juice closed at a record high, with November futures rising 0.17% to $3.859 a pound, marking a sixth straight week of gains. Orange juice will rise by 90.25% in 2023.

-Scott Schnepper, Gina Francola

Friday, October 13, 2023 at 10:10 AM EST

The survey showed declining consumer sentiment and rising inflation expectations

Consumer sentiment fell in October while inflation expectations rose, according to a closely watched University of Michigan survey.

The preliminary reading released on Friday showed that the survey recorded a headline reading of 63 points, down from 68.1 points in September and below the Dow Jones estimate of 67.4 points. The current conditions index also fell to 66.7 from 71.4.

Regarding inflation, one-year expectations jumped to 3.8%, up from 3.2%, the highest reading since May. On a five-year basis, expectations rose to 3% from 2.8%.

—Jeff Cox

Friday, October 13, 2023 at 4:04 PM EST

Stocks end mostly lower on Friday

Here’s how the major indices ended Friday’s trading session:

– Piya Singh

Friday, October 13, 2023 at 3:39 PM EST

Regional banks will be in focus next week

The focus will be on regional banks next week as traders head into the peak of third-quarter earnings season.

“I really want some indication as to whether the regional banking crisis that occurred last March is actually over,” said Komal Sri Kumar, president of Sri-Kumar Global Strategies. “i don’t think so.”

CNBC Pro subscribers can read the full story here.

– Sarah Maine

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