Asian markets mixed as investors await key economic data from the US and China

India’s economic growth rate is expected to fall below 7% for the first time in the October-December fiscal year, according to a Reuters poll.

Asia’s third-largest economy is likely to see a modest 6.6% year-on-year growth rate in the third quarter of the fiscal year as government spending slows and growth in the agriculture sector continues to slow.

The data follows GDP growth of 7.8% in the first quarter and 7.6% in the second quarter of India’s current fiscal year, which ends in March.

However, the poll found that of the 63 economists surveyed between February 16 and 26, none had predicted similar growth rates for the October-December period. The momentum in the quarter is likely to have slowed.

— Reuters

Japan’s manufacturing production fell 7.5% in January from the previous month, according to official data.

This was slightly lower than the 7.3% decline expected in a Reuters poll.

Separately released data showed Japan’s retail sales rose 2.3% in January from a year earlier, in line with Reuters forecasts.

— Shreyashi Sanyal

Japan’s top currency diplomat, Masato Kanda, said Japan was prepared to respond to undue turbulence in currency markets, Reuters reported.

Governor Kanda told reporters on the sidelines of the G20 meeting in Sao Paulo, “I will not comment on recent exchange rate movements.However, it is desirable for exchange rates to move stably and reflect fundamentals.”

Kanda, who is also Japan’s deputy finance minister for international affairs, reassured investors last month that he was closely monitoring how the central bank’s decisions would affect foreign exchange markets.

The Japanese yen rose slightly against the US dollar, last trading at 150.58.

—Shreyashi Sanyal, Reuters

A fund manager with a strong track record of outperforming the S&P 500 for two consecutive years has named undervalued stocks that could “easily double.”

The fund returned 31% in 2023, compared with 24% for the S&P 500. It also outperformed with a total return of 1.8% in 2022, when the US benchmark was about to enter a bear market.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Healthcare companies have been gaining momentum over the past year, with investors flocking to weight-loss drug makers such as Eli Lilly and Novo Nordisk.

But within the broader ecosystem, perhaps a lesser-known company stands out for fund manager Freddie Leight.

”[It’s a] It’s a great example of what we’re looking for – to be honest, this is a business I’ve been looking at for about 10 years,” Latitude Investment Management’s chief investment officer said on CNBC Pro Talk on February 21. Ta.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

U.S. stocks ended Wednesday’s session in the red.

The Dow Jones Industrial Average fell about 23 points, or 0.06%.

The S&P 500 and Nasdaq Composite fell 0.17% and 0.55%, respectively.

— Ha-Kyung Kim

Technical corrections, which almost always occur in the second year of a bull market, are normal and healthy, according to BMO Capital Markets.

“The near-unimpeded rally from October 2023’s low and high valuation levels suggests that, if history is any guide, the near-term “I believe that a certain degree of vigilance is necessary,” he said, adding that it is past time to take a breather. “Fortunately, the somewhat unexpected earnings strength and resilience are likely to sustain the stock price, as this trend is expected to continue throughout the year based on the above-consensus EPS target ($250). ”

Belsky advised investors “not to worry too much” if the market shows any weakness in the coming months, and instead use the potential downturn as an opportunity to make changes to their portfolios. Advised the department to increase its exposure to positive factors.

The S&P 500 is up 6.2% since the beginning of the year, but is down 0.5% since the beginning of the week.

— Peer Singh

Bitcoin hit a new high of $64,000 on Wednesday before turning lower, according to Coin Metrics. This is the highest price since November 15, 2021, when it rose to $66,333.33.

The last trade was $61,097.00.

— Ha-Kyung Kim