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Japan's headline inflation rate fell to 2.3% in October, its lowest since January, while core inflation also decreased to 2.3%. Despite this, 55% of economists anticipate a 25 basis point rate hike by the Bank of Japan in December, aiming for sustained wage-driven inflation. Governor Kazuo Ueda cautioned against maintaining low borrowing costs, suggesting a potential policy rate of 1% by the second half of fiscal 2025.
China's exports surged by 12.7% in October, marking the highest growth in 19 months, while imports fell by 2.3%, exceeding expectations. The rise in exports is attributed to improved weather, price discounts, and the upcoming holiday season, amidst ongoing economic challenges and recent stimulus measures. Factory activity also showed signs of recovery, with the purchasing managers' index rising to 50.1.
IBM shares fell 3% after the company reported third-quarter earnings that missed revenue expectations, with total revenue at $14.97 billion against a $15.07 billion forecast. The firm experienced a net loss of $330 million, attributed to a pension settlement charge, despite a 1.5% year-over-year revenue increase. Consulting revenue declined slightly, while software revenue rose 10%, bolstered by a 14% increase from Red Hat.
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