Asia markets rebound after heavy sell-off; former China premier Li Keqiang dies

China’s industrial profits fell in the first nine months from a year earlier, according to data released by the government.

Profits at industrial firms shrank by 9% in the January to September period from a year earlier, following an 11.7% profit year on year fall in profits for the first eight months.

The data highlights the challenges faced by China’s economy amid signs of a lackluster post-pandemic recovery.

— Shreyashi Sanyal

The headline inflation rate in Japan’s capital of Tokyo came in at 3.3% for October, a faster pace of growth compared to the 2.8% seen in September.

Core inflation — which strips out prices of fresh food — stood at 2.7%, slightly higher than the 2.5% expected by economists polled by Reuters.

Tokyo’s inflation print is considered a leading indicator of nationwide trends, comes just before the Bank of Japan meets next Monday and Tuesday for its monetary policy meeting.

— Lim Hui Jie

High-yielding stocks have been doing well despite rising interest rates, according to asset management firm AllianceBernstein.

“We regard high equity yield as a more defensive and higher quality flavor of value which can act as a useful hedge against slowing growth or potentially a mild recession,” the firm’s analysts wrote in a recent note.

AllianceBernstein performed a screen of “High Combined Yield Stocks” in Europe for the final quarter of the year. Some that showed up were given “outperform” ratings.

CNBC Pro subscribers can read more about them here.

— Amala Balakrishner

The energy transition will require more and better batteries, according to Bernstein.

A 25-fold increase in sales of batteries will be needed from 2022 — for the energy transition both in electric vehicles and energy storage, they said.

One type of battery technology will likely be an “iPhone moment” for the industry, the firm said, giving one of the stocks it named about 100% potential upside.

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— Weizhen Tan

U.S. GDP expanded by 4.9% annualized in the third quarter, beating a Dow Jones forecast for 4.7% growth. That expansion rate is also up from the 2.1% seen in the second quarter. This is the latest sign of economic resiliency despite the Federal Reserve’s moves to tighten monetary policy to tame inflation.

— Fred Imbert, Jeff Cox

Retail traders stepped up selling of single stocks across the broader market but remained partial toward lowering positions in utilities, real estate and financials, according to JPMorgan. The firm noted retail traders net sold roughly $365 million worth of equities over the past week.

However, analyst Peng Cheng wrote on Wednesday that retail traders showed particular interest in chip stocks AMD and Nvidia, which saw $369 million and $252 million worth of stock purchases over the past week, respectively.

— Brian Evans

The S&P 500 is hitting its lows of the session and is now in a correction on an intraday basis. The benchmark’s decline from its 52-week intraday high in July is now 10.1%.

The S&P 500 is off by 9.7% from its 2023 high closing price on July 31, so not quite an official correction just yet.

The Nasdaq Composite is already in correction territory, entering on Wednesday.

—John Melloy

Stocks are limping through the fall, and all three of the major averages are poised to post their third consecutive month of declines.

In October, the S&P 500 is down 3.52%. The Nasdaq Composite is off 4.72%, and the Dow Jones Industrial Average is down 2.16%.

If the month ends with losses for the indexes, it’ll be the first time the Dow and the S&P 500 have had three straight months of declines since March 2020.

The last time the Nasdaq fell for three consecutive months was back in June 2022.

–Darla Mercado, Chris Hayes