Japan CPI inflation, China prime rate, currency

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Japan CPI inflation, China prime rate, currency

CNBC Pro: Fund manager says bear market is going to be ‘nasty’

Fund manager Cole Schmid believes the stock market is still in the early stages of a bear market – and warns it won’t be a ‘garden variety’.

But he doesn’t lose sleep over it. Here’s why:

Pro subscribers can learn more here.

—Javier Wong

Core inflation in Japan accelerated in August

Core consumer prices in Japan rose 2.8% in August from a year earlier, according to government data.

It was the fastest growth in almost eight years and the fifth consecutive month in which inflation exceeded the central bank’s 2% target.

Analysts polled by Reuters had forecast a 2.7% rise and consumer prices rose 2.4% in July.

The Japanese yen was slightly stronger at 142.96 to the dollar.

–Abigail Off

Stocks ended Monday’s volatile session higher

Stocks looked up on Monday but ended the session in positive territory as a big week for the Federal Reserve began.

The Dow Jones Industrial Average gained 197.26 points, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite added 0.76% to 11,535.02.

— Samantha Subin

The 10-year Treasury yield jumped above 3.5%, hitting the highest level since 2011.

The benchmark 10-year Treasury yield hit 3.5% on Monday morning, the highest level since 2011, as investors braced for longer interest rates amid the Federal Reserve’s fight against the inflation.

Treasury yields rose across the board last week after August’s Consumer Price Index report showed a surprise price rise. However, the 10-year broadly held near its June high of 3.495% before another leg higher on Monday.

The 10-year yield last traded at 3.506%, up almost 6 basis points. Yield moves inversely to price and one basis point equals 0.01%.

– Jesse Pound

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