Asia stocks mostly rise after Wall Street rally stalls; Tokyo Metro shares soar on debut

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets mostly rose Tuesday, breaking ranks with major Wall Street benchmarks, while Japanese subway operator Tokyo Metro's stellar market debut boosted investor optimism.

Shares of Tokyo Metro soared as much as 47%, and closed 45% higher.

The company, one of Japan's leading subway operators and the largest in Tokyo, raised 348.6 billion yen in its initial public offering, the largest IPO in Japan since 2018.

The IPO was reportedly 15 times oversubscribed and priced at the top end of its pricing band, offering shares at 1,200 yen apiece.

Singapore's core consumer price index — which excludes private transport and accommodation — grew 2.8% in September from a year ago, higher than Reuters poll forecast of 2.7%. The overall consumer inflation rose 2% from the previous year, compared with the expected 1.9%.

Japan's Nikkei 225 fell 0.8% to end at 38,104.86, while the broad-based Topix dropped 0.55% to close at 2,636.96.

South Korea's Kospi climbed 1.12% and closed at 2,599.62, while the small-cap Kosdaq gained 0.93% higher to close at 745.19.

Australia's S&P/ASX 200 inched 0.13% higher to close at 8,216.

Hong Kong's Hang Seng index was up 1.33% as of its final hour, while mainland China's CSI 300 rose 0.39% to close at 3,973.2.

Overnight in the U.S., the S&P 500 and the Dow Jones Industrial Average ended Tuesday marginally lower, both posting a second straight day of losses.

The S&P 500 ended the session lower by 0.05%, and it was the broad market index's first back-to-back loss since early September.

The 30-stock Dow slid 0.02%, but the Nasdaq Composite rose 0.18%.

— CNBC's Pia Singh and Samantha Subin contributed to this report.

Singapore inflation slows to 2% in September, core CPI ticks up more than expected

Singapore's core consumer price index — which excludes private transport and accommodation — rose 2.8% in September from a year earlier, more than Reuters poll forecast of 2.7%.

Core inflation had risen 2.7% in the prior month, according to data from the Department of Statistics on Wednesday.

Headline inflation increased 2% from the previous year, higher than the expected 1.9%, but slowing for a second consecutive month.

— Anniek Bao

China to issue $700 million in bonds to support Macau's financial industry

China's finance ministry said Wednesday that it would issue 5 billion yuan ($701.1 million) worth of yuan-denominated bonds to investors in Macau.

The move is aimed at supporting Macau's financial industry and to promote "moderate diversification of Macau's economy."

The bonds will be issued on Oct. 30, the 25th anniversary of the return of the special administrative region to China from Portugal.

— Lim Hui Jie

Tokyo Metro's dividend outlook stable, likely to grow 'slightly' as population increases: Monex Group

Jesper Koll, expert director at Japan-based financial services firm Monex Group, said Tokyo Metro is a beneficiary of "positive demographics," as the city's population is expected to increase, feeding demand for the company's rail services.

China Resources Beverage jumps 13% in Hong Kong debut

Shares of China Resources Beverage surged nearly 13% in their trading debut in Hong Kong.

The stock traded at 16.36 Hong Hong dollars ($2.10) compared with the IPO pricing of HK$14.50 a share. The company raised $650 million in the offering.

"We can almost say with much certainty that Asia Pacific's recovery in the initial public offering market is on a steady though gradual trajectory," said Perris Lee, head of Asia equities capital markets at Ion Analytics.

— Anniek Bao

Tokyo Metro shares soar on debut after Japan's largest IPO in six years

Shares of Japanese subway operator Tokyo Metro rose almost 45% Wednesday after a stellar IPO.

The company had raised 348.6 billion yen ($2.3 billion) in the largest initial public offering in Japan in six years. Shares were priced at the top-end of the IPO price band of 1,100 yen to 1,200 yen.

Reuters reported that the overall IPO was oversubscribed more than 15 times, while the portion available to retail investors — almost four-fifths of the overall size — was oversubscribed around 10 times.

Find out more in the full story here.

CNBC Pro: Value versus growth: the pros predict what could outperform amid lower rates

Investors often get bullish on stocks when interest rates start inching lower.

That certainly was the case as markets anticipated the start of the U.S. Federal Reserve's easing cycle, which kicked off with a jumbo cut last month. The S&P 500 stock index is around 24% higher year-to-date and up 40% over the last 12 months.

There's a common belief that lower borrowing costs benefit so-called growth stocks, as they're often capital-intensive. But there are other factors at play in the current environment

As investors weigh the pros and cons of value vs. growth, CNBC Pro asked analysts and investors which they prefer.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Fund manager picks a lesser-known global tech stock trading at a 'fraction' of the Mag 7

Investors should look beyond the so-called "Magnificent Seven" and identify "country winners" in tech outside the U.S., according to one hedge fund manager.

"Our view is that there is a Magnificent Seven set of companies in each of the major economies in the world [which] you can buy for a fraction of the value," Beeneet Kothari, CEO and principal portfolio manager at the U.S.-headquartered hedge fund Tekne Capital Management, told CNBC Pro.

The Magnificent Seven stocks — Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla — have dominated investor interest in tech over recent years. Their popularity is reflected in their returns: the group is over 40% higher year-to-date, and more than 60% higher over the last 12 months.

But Kothari, who manages around $1.2 billion in assets, said he is looking for tech companies "running the way you would expect a Silicon Valley company to be running."

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Politics can 'make or break' certain parts of the market, says Bank of America

The U.S. election is about two weeks away, and who winds up in the White House and in Congress could have an effect on key corners of the stock market, according to Bank of America.

"Profits accelerating are far more important than who is sitting in the Oval Office. But politics can make or break sub-sectors," the firm wrote in a Friday note. 

With this in mind and with volatility expected to rise as the Nov. 5 election nears, Bank of America strategists say it is now a stock picker's market. 

"Now is not the time to close one's eyes and buy the index," the investment bank said. 

To read more about Bank of America's assessment of the election on the stock market, click here.

— Hakyung Kim

Oil prices are reclaiming ground after last week's sell-off

Crude oil futures have gained about 4% this week, after China cut its benchmark lending rates and geopolitical tensions in the Middle East remain volatile.

U.S. crude oil gained $1.53 to settle at $72.09 per barrel Tuesday afternoon, while global benchmark Brent added $1.75 to close at $76.04 per barrel. The rally extended Monday's gains of more than 1%.

Though prices are rising this week, the supply-and-demand outlook looks bearish, even as Israel is still expected to retaliate against Iran for the Islamic Republic's Oct. 1 ballistic missile attack.

U.S. crude oil sold off more than 8% last week as traders view an oil disruption in the Middle East due to Iran-Israel tensions as increasingly unlikely. A weak demand picture also weighed on prices, with consumption in China softening as more OPEC supply is expected to come online in December.

— Spencer Kimball

IMF says global fight against inflation is ‘almost won’ but highlights increasing risks

The International Monetary Fund lowered its global headline inflation projection 3.5% on an annual basis by the end of 2025, from an average 5.8% in 2024.

"The global battle against inflation is almost won," the agency said in its World Economic Outlook released Tuesday.

However, "Despite the good news on inflation, downside risks are increasing and now dominate the outlook," said IMF chief economist Pierre-Olivier Gourinchas. Now that inflation is headed in the right direction, global policymakers face a new challenge stemming from the rate of growth in the world economy, the IMF warned.

The fund kept its global growth estimate at 3.2% for 2024 and 2025, which it called "stable yet underwhelming."

The full story can be found here.

— Hakyung Kim