Elsewhere, China’s residential property sales rose in October, the first on-year increase of 2024. The moves came after authorities unleashed their strongest package of measures, including cutting borrowing costs on existing mortgages, relaxing buying curbs in big cities and easing downpayment requirements.

Data set for release in Asia Friday includes China Caixin manufacturing PMI, Indonesian inflation and Hong Kong retail sales.

The Fed’s preferred measure of underlying US inflation posted its biggest monthly gain since April, bolstering the case for a slower pace of interest-rate cuts. The central bank is widely expected to authorize a second reduction at the conclusion of its Nov. 6-7 policy meeting following an initial cut in September.

The data offer mixed news for voters seeking to get a sense of where the economy stands heading into the Nov. 5 election, with consumers continuing to spend despite a high cost of living, which has played a key role in the presidential campaigns.

“With the Fed’s attention rotating more toward the full-employment aspect of its dual mandate, we think the steady annual core inflation measure won’t sway the Fed from its rate-cutting path,” Bloomberg economists Stuart Paul and Estelle Ou write in a note.

In Commodities, gold retreated as some investors booked profit after the metal’s rally to a fresh record. Oil’s gains came after Axios reported, citing two unidentified Israeli sources, that Iran is preparing a major retaliatory strike on Israel through the militias it backs in Iraq. West Texas Intermediate traded above $70 a barrel.

Key events this week:

• China Caixin manufacturing PMI, Friday

• US employment, ISM manufacturing, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures were little changed as of 9:01 a.m. Tokyo time

• Hang Seng futures rose 0.4%

• Japan’s Topix fell 1.4%

• Australia’s S&P/ASX 200 fell 1.1%

• Euro Stoxx 50 futures fell 1.4%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was unchanged at $1.0884

• The Japanese yen was little changed at 151.98 per dollar

• The offshore yuan was little changed at 7.1215 per dollar

Cryptocurrencies

• Bitcoin rose 0.4% to $70,214.54

• Ether was little changed at $2,515.66

Bonds

• The yield on 10-year Treasuries was little changed at 4.29%

• Japan’s 10-year yield advanced 2.5 basis points to 0.960%

• Australia’s 10-year yield advanced five basis points to 4.55%

Commodities

This story was produced with the assistance of Bloomberg Automation.

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