Asia-Pacific stocks rise after U.S. Treasury yields pull back from 16-year highs

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

Asia-Pacific markets rise after U.S. Treasury yields eased from 16-year highs following much weaker-than-expected jobs data.

In Japan, the Nikkei 225 traded 1.8% higher to close at 31,075.36, and the Topix gained 2.02% to end at 2,263.76.

South Korea's Kospi dipped 0.09% to end at 2,403.6, while the Kosdaq slipped 0.79% to 801.02 after the country's consumer price index for September came in 3.7% higher compared to a year ago, and higher than Reuters' forecast of a 3.4% rise.

In Australia, the S&P/ASX 200 traded 0.51% higher to end at 6,925.5.

Hong Kong's Hang Seng index is trading 0.33% higher.

China's markets remain closed for the weeklong holiday.

Overnight in the U.S., all three major indexes closed in the green. The Dow Jones Industrial Average broke a three-day losing streak to close 0.39% higher at 33,129.55. The S&P 500 added 0.81% and closed at 4,263.75. Similarly, the Nasdaq Composite gained 1.35% to close at 13,236.01.

— CNBC's Hakyung Kim and Alex Harring contributed to this report.

Hong Kong private sector shrinks for third month in September, partly hit by Typhoon Saola

Hong Kong's private sector contracted for the third consecutive month in September, according to PMI data from S&P Global.

The S&P Global Hong Kong SAR Purchasing Manager's Index fell to 49.6 in September from 49.8 in August, partly hit by Typhoon Saola early last month.

The reading also showed price pressures eased in September, while employment rose.

— Shreyashi Sanyal

Doosan Robotics soar on strong trading debut

Doosan Robotics' shares surged more than doubled at session highs following its trading debut, raising 421.2 billion won.

The stock has since pared some of its gains but was still trading around 98.46% higher.

"We're gonna see 30% [or] 40% growth as the company has mentioned, obviously, there is more opportunity, like growing four times in a three year time [span]," said Macquarie's head of mobility research, James Hong.

"We don't really see much of that kind of growth in other sectors today," he said.

The company's shares, which were priced at 26,000 won ($19.30), opened at 59,100 won. The South Korean company specializes in the manufacturing of industrial robots.

—Lee Ying Shan

Philippines annual inflation for September rises 6.1%

Philippines inflation rose 6.1% in September from a year ago, faster than Reuters' expectations of a 5.3% rise.

The reading compares to August's 5.3% climb. According to the Philippine Statistics Authority, food, restaurants and accommodation services, as well as housing, electricity and other fuels are the main contributors to the higher inflation numbers.

"Food inflation at the national level rose to 10.0 percent in September 2023 from 8.2 percent in the previous month," PSA observed, noting that the higher number was driven by rice prices.

—Lee Ying Shan

CNBC Pro: Veteran investor says one type of energy company is 'extremely attractive' — naming a stock he likes

The commodities market is a "much more constructive place to invest" right now — and one type of company in the energy sector in particular is "extremely attractive," according to one portfolio manager.

We're "at the beginning of a longer term commodity cycle," Aaron Dunn, co-head of value equity and portfolio manager at Morgan Stanley Investment Management, told CNBC's "Squawk Box Asia" on Wednesday.

He named one stock he likes and others on his radar.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: This bearish fund manager thinks the U.S. is headed for a major debt crisis. Here's what he's buying.

The U.S. is headed for a major debt crisis due to fiscal deficit being at the "worst structural point since World War Two," according to value investor Matthew McLennan.

McLennan, who manages First Eagle's Global Fund, said equity and bond markets are showing signs of "relative complacency" and are yet to digest the full impactions of the state's borrowing program.

The fund manager also named the asset and stock to own to hedge against the risks markets face over the next few quarters.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Goldman reveals its brand new 'conviction list' of European stocks — giving one nearly 150% upside

Goldman Sachs has a new list of top stock picks for Europe, which it called its "most differentiated" ideas for the region.

CNBC Pro takes a look at seven of them.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The market will end 2023 with both lower rates and stocks, says Carter Worth

Worth Charting CEO Carter Worth is going against consensus by betting on a weakening dollar and falling interest rates and oil prices.

"I think when you get so much crowding and the sequence calls for a counter trend, try to play for it," Worth told CNBC's "The Exchange" on Wednesday. "My judgment is the timing here is to be buying bonds and to be fading the dollar."

Generally, declining interest rates boost stock prices, so Worth's forecast could provide fuel for the investors who predict a year-end stock market rally. But Worth cautioned that asset class relationships aren't always perfectly inverse, and believes instead that the market will end up with both lower rates and lower stocks at the end of 2023.

— Lisa Kailai Han

Rate uncertainty drove Tuesday’s selloff, but there is a limit to how high yields will go, says Vanguard’s Aliaga-Diaz

Tuesday's run-up in bond yields spooked investors, but the move is a side effect of markets transitioning to the new reality of higher interest rates, said Roger Aliaga-Diaz, global head of portfolio construction in Vanguard's investment strategy group.

More than a year into the Federal Reserve's policy tightening campaign, interest rates are likely to settle at a higher point compared to the pre-pandemic era, he said.

"The neutral policy rate is now higher on a permanent basis, perhaps 3.5% or 4%, and that gives you a higher floor for the 10-year bond compared to previous years," Aliaga-Diaz told CNBC.

That adjustment results in two outcomes. "One it's very painful on the front end because things are resetting to these higher rates," he said. "And [two] you have the market digesting this news over the past few weeks."

Aliaga-Diaz noted that while the central bank has communicated that rates will stay higher for longer, there's also an implicit cap as to how high those rates will go. "It could be because of uncertainty and volatility that you can see higher 4 and even 5%," he said, regarding the 10-year Treasury yield. "But we don't see that as a permanent level of rates."

-Darla Mercado

Oil hits lowest level since Sept. 5

Futures for West Texas Intermediate crude hit their lowest level since Sept. 5 on Wednesday, falling more than 4% to trade below $86 per barrel.

Brent crude futures have also dropped more than 4% to the lowest level since Sept. 1, while RBOB Gas futures are down 5.8% to their lowest level this year.

Meanwhile, the United States Oil Fund (USO) is down more than 4% and on track for its worst day since May.

— Gina Francolla, Jesse Pound

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