Japanese CPI Inflation, Prime Loan Rate in China, Currencies

CNBC Pro: Fund Manager Says Bear Market Is Going To Get ‘Dirty’

Fund manager Cole Smead believes the stock market is still in the early stages of a bear market — and warns it won’t be a “garden variant.”

But it doesn’t wake him up. This is why:

Pro subscribers can read more here.

— Zavier Ongo

Japanese core inflation picks up in August

Japan core consumer prices rose 2.8% in August from a year ago, government data shows.

That is the fastest growth in nearly eight years and the fifth consecutive month in which inflation has exceeded the central bank’s target of 2%.

Analysts polled by Reuters predicted a 2.7% increase and consumer prices rose 2.4% in July.

The Japanese yen rose slightly to 142.96 per dollar.

— Abigail Of

Shares close Monday’s volatile session higher

Shares rose on Monday but closed the session on a positive note as a big week for the Federal Reserve kicked off.

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

— Samantha Subin

Ten-year government bond yields rise above 3.5%, reach highest level since 2011

Benchmark yields on 10-year Treasuries rose to 3.5% Monday morning, reaching their highest level since 2011 as investors braced for a higher and longer period in interest rates amid the Federal Reserve’s battle against inflation.

Treasury bond yields soared above the board last week after the August consumer price index report showed a surprising price increase. However, the 10-year period largely stayed near the June highs of 3.495%, before taking another leg higher on Monday.

Over the last 10 years it has traded at a return of 3.506%, an increase of almost 6 basis points. Yields move opposite to price and one basis point equals 0.01%.

— Jesse Pound

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