Asian markets rebound after heavy selling; The death of former Chinese Prime Minister Li Keqiang

China’s industrial profits fell in the first nine months compared to the previous year, according to data released by the government.

Industrial companies’ profits contracted by 9% in the January-September period compared to the previous year, after their profits fell by 11.7% year-on-year in the first eight months.

The data highlights the challenges facing the Chinese economy amid signs of a weak post-pandemic recovery.

– Shreyashi Sanyal

The headline inflation rate in the Japanese capital, Tokyo, was 3.3% for the month of October, a faster pace of growth compared to the 2.8% recorded in September.

Core inflation – which does not include fresh food prices – was 2.7%, slightly higher than the 2.5% expected by economists polled by Reuters.

Tokyo’s inflation reading is considered a leading indicator of nationwide trends, and comes ahead of the Bank of Japan’s monetary policy meeting next Monday and Tuesday.

– Lim Hui Ji

High-yield stocks have performed well despite rising interest rates, according to asset management firm AllianceBernstein.

“We view high equity yield as a more defensive, higher-quality flavor of value that could serve as a useful hedge against slower growth or the potential for a mild recession,” the company’s analysts wrote in a recent note.

AllianceBernstein has featured “high yield stocks” in Europe for the last quarter of the year. Some who appeared received “superior” ratings.

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– Amala Balakrishner

The energy transition will require more and better batteries, according to Bernstein.

They said a 25-fold increase in battery sales will be needed from 2022, for the energy transition in both electric vehicles and energy storage.

One type of battery technology will likely be an “iPhone moment” for the industry, the company said, giving one of the stocks it mentioned about 100% potential upside.

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-Weezin Tan

US gross domestic product expanded 4.9% year over year in the third quarter, beating Dow Jones’ forecast of 4.7% growth. This rate of expansion is also up from the 2.1% seen in the second quarter. This is the latest sign of economic resilience despite the Federal Reserve’s moves to tighten monetary policy to tame inflation.

– Fred Imbert, Jeff Cox

Retail traders ramped up selling in individual stocks across the broader market, but remained biased toward reducing their positions in utilities, real estate and financials, according to JPMorgan. The company noted that net retail traders sold approximately $365 million worth of stock over the past week.

However, analyst Peng Cheng wrote on Wednesday that retailers have shown particular interest in chip stocks AMD and Nvidia, which saw purchases of $369 million and $252 million over the past week, respectively.

– Brian Evans

The S&P 500 index reached session lows and is now in a corrective phase on a daily basis. The benchmark index’s decline from its 52-week intraday high in July now stands at 10.1%.

The S&P 500 is down 9.7% from its 2023 closing high on July 31, so there’s not quite an official correction yet.

The Nasdaq Composite is already in the correction zone, and will enter on Wednesday.

—John Milloy

Stocks are stumbling through the fall, and all three major averages are poised to post their third straight month of declines.

In October, the S&P 500 fell 3.52%. The Nasdaq Composite Index fell 4.72%, and the Dow Jones Industrial Average fell 2.16%.

If the month ends with losses for the indexes, it will be the first time that the Dow Jones and S&P 500 have seen three consecutive months of declines since March 2020.

The last time the Nasdaq fell for three consecutive months was in June 2022.

–Darla Mercado, Chris Hayes