Mixed Asian Markets React to Private Business Activity Reports from Australia and Japan
Asia-Pacific markets are mixed as investors analyze private business activity surveys from Australia and Japan, as well as inflation figures from Singapore. Australia's business activity contracted at the fastest pace in 19 months, while Japan saw a faster expansion in its business activity. South Korea's Kospi and Kosdaq fell, while Hong Kong's Hang Seng index and mainland Chinese markets were also in negative territory. Singapore's Straits Times Index inched up after the country's core inflation climbed 3.8% in July. Additionally, CNBC Pro highlights two "secular" growth stocks likely to keep rising despite rate hikes, and reports on the strength of the US consumer and the performance of the financials sector.