BEIJING, CHINA – SEPTEMBER 04: Buildings and vehicles are seen in the central business district during the rush hour on September 4, 2020 in Beijing, China.
This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific markets rose Monday as investors readied for a busy week that includes the U.S. presidential election and the Federal Reserve's monetary policy meeting.
Investors will also closely watch China's parliament meeting that kicked off on Monday. Chinese authorities are expected to announce more details on fiscal support when the meeting concludes on Friday.
China's October trade data is due Thursday after downbeat exports and imports growth in September.
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South Korea will report its October consumer inflation reading on Tuesday, which is estimated to ease for the third consecutive month to 1.4% year on year, according to LSEG estimates. That compares with 2.6% in July, 2.0% in August and 1.6% in September.
Australia's central bank will also reveal its interest rate decision on Tuesday. The Reserve Bank of Australia is likely to hold its official cash rate at 4.35%, according to a Reuters poll of economists.
South Korea's blue chip Kospi rose 1.83% to 2,588.97, snapping a three-day losing streak, while the small-cap Kosdaq gained 3.43% to close at 754.08.
Money Report
Hong Kong's Hang Seng index was up 0.27% as of its final hour of trade, while mainland China's CSI 300 rose 1.41% to end at 3,944.76.
Australia's S&P/ASX 200 closed 0.56% higher at 8,164.6.
The Taiwan Weighted Index gained 0.81% to close at 22,965.39.
Japan's markets were closed Monday for a holiday.
Overnight in the U.S., stock futures slipped. Futures tied to the Dow Jones Industrial Average dipped 0.3%, while the S&P 500 futures lost 0.25%, and the Nasdaq-100 futures dropping 0.3%.
U.S. crude futures jumped over 1% on Monday as the OPEC+ member countries agreed to delay a planned December output increase by one month. West Texas Intermediate jumped 1.42% to $70.47 per barrel and Brent climbed 1.37% to $74.10.
Clarification: This story has been updated to reflect that Japan markets are closed for a holiday.
SK Hynix shares jump as Nvidia reportedly requests for faster delivery of AI chips
Shares of SK Hynix surged as much as 5.7% on Monday after SK Group Chairman Chey Tae-won reportedly said that Nvidia CEO Jensen Huang had requested to expedite by six months the delivery of its next-generation high-bandwidth memory chips — HBM4.
The South Korean memory chipmaker said in October that it aimed to deliver the HBM4 chips in the second half of 2025, Reuters reported.
The South Korean giant has been the main supplier of high-bandwidth memory chips catering to companies such as Nvidia, benefiting from a boom in artificial intelligence.
The company said in September that it had started mass production of its latest version of HBM chips — 12-layered HBM3E — and aims for delivery by the end of the year.
— Anniek Bao, Reuters
China urges Australia to keep improving business environment; vows to restore full bilateral trades
China expects Australia to continue improving the business environment and treat Chinese companies "fairly and justly," China Commerce Minister Wang Wentao told Australia Trade Minister Don Farrell on Sunday, according to a CNBC translation of the meeting's readout in Chinese.
The two met on the sidelines of China International Import Expo in Shanghai on Sunday.
The Australian reported Monday that Wang had vowed to his Australian counterpart that Beijing would restore Australia's live lobster trade by Christmas, reinforcing an earlier agreement reached between Prime Minister Anthony Albanese and Chinese Premier Li Qiang in October.
The two leaders had agreed to resume full lobster trade by the end of the year in a meeting in October.
Two Australian beef abattoirs were still under sanctions, but "for those two, the resumption will occur quickly," Farrell said, "the Minister said he would take a personal interest in the outcome of this."
— Anniek Bao
Chinese equities could rise by 20% over the next 12 months: Goldman Sachs
Chinese equities listed in Hong Kong as well as mainland China could rise by about 20% over the next 12 months, Goldman Sachs said in a note on Monday, while reiterating its preference for A-shares (listed in mainland) over H-shares (Hong Kong-listed).
"U.S. election outcomes and the resulting tariff risks are consequential to China equity," the economists said. The scenario of an additional 20 percentage point increase in U.S. tariff on Chinese goods is expected to cut China's GDP growth next year by 20 basis points.
Investors enthusiasm on Chinese equities — which surged over 20% in September — has faded, with the benchmark CSI 300 recording monthly losses of 3% in October, according to data from LSEG.
The standing committee of the National People's Congress kicked off a five-day meeting on Monday and will likely announce details on Beijing's fiscal support on Friday.
— Anniek Bao
China eases rules for foreign investment in listed companies
China lowered the capital requirement to $50 million from $100 million for non-controlling foreign shareholders in Chinese listed firms, according to a joint statement led by the Ministry of Commerce and China Securities Regulatory Commission on Friday.
Foreign individuals will also be allowed to carry out "strategic investment" in listed companies, the statement read.
The revised measures seek to "reduce the investment threshold for foreign investors ... and encourage foreign investors to carry out long-term and value investment," the authorities said.
— Anniek Bao
Chinese government has room to expand debt issuance to 30 trillion yuan, says economic policy advisor
Chinese authorities need a fiscal package in the size of 20 trillion to 30 trillion yuan ($2.82 trillion to $4.23 trillion), roughly the equivalent of 20%-30% of its GDP, to stabilize local governments' debt positions, Li Daokui, a prominent policy advisor to senior Chinese leaders told CNBC's "Squawk Box Asia."
China's general government debt accounted for 77% of its GDP in 2022, according to data compiled by International Monetary Fund, notably lower than the government debt level of Japan (261% of its GDP) and the U.S. (121% of GDP).
Reuters reported last week that China was considering approving the issuance of over 10 trillion yuan in extra debt issuance, but that was "way below what is needed," said Li, the Mansfield Freeman professor of economics at Tsinghua University.
— Anniek Bao
Stock futures open lower as Wall Street readies for U.S. presidential election
Stock futures opened lower in overnight trading Sunday as Wall Street awaited Tuesday's U.S. presidential election.
Futures connected to the Dow Jones Industrial Average lost 0.3%, or 130 points, while S&P 500 futures declined 0.25%. Nasdsq-100 futures dropped 0.3%
— Samantha Subin
CNBC Pro: Want to invest in China's hot EV market? The pros share their take
China's hot electric vehicle market has been gaining investor interest, and one analyst sees potential for the sector to grow further.
"China's EV market is the largest in the world and also delivers fast growth," Vincent Sun, senior equity analyst at Morningstar said.
Sun remains positive on the sector's growth following a 31% year-to-date jump in EV sales to around 8 million units at the end of the third quarter. This translates to a penetration rate of 49% of China's auto market in September.
Sun, along with Jason Hsu, founder and chief investment officer at Rayliant Global Advisors, share their take on the sector.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Meta is 'net winner' on AI spending, says outperforming fund manager that previously sold the stock
An outperforming fund manager who previously sold Meta Platforms shares over concerns about the company's virtual reality investments is now bullish on the technology giant's artificial intelligence strategy.
Stephen Yiu, chief investment officer of Blue Whale Growth Fund, revealed that his fund had previously sold out of Meta Platform shares in 2022 due to doubts over the company's Metaverse strategy. He is now backing Meta's plans to spend billions on AI.
CNBC Pro subscribers can read more here.
— Ganesh Rao
