Asia-Pacific markets largely rise as more U.S. inflation data comes in softer than expected
Asia-Pacific markets rose on Friday after more inflation data out from the U.S. came in softer than expected, raising optimism that inflation could come down without weakening the labor market.
The U.S. producer price index rose in June less than anticipated, climbing 0.1% year on year, while core PPI, which strips out volatile food and energy prices, climbed 0.1% — also lower than expectations.
Australia’s S&P/ASX 200 climbed 0.78% and closed at 7,303.1 to cap off a whole week of gains, after the government appointed its central bank deputy governor Michele Bullock as the next governor for the Reserve Bank of Australia, to succeed incumbent Philip Lowe.
In Japan, the Nikkei 225 fell marginally to end at 32,391, while the Topix was also closed 0.7% down to end at 2,239.1 as investors digested its industrial production release for May. On a weekly basis, the Nikkei was mostly flat, while the Topix was down 0.63%.
South Korea’s Kospi rose 1.43% to close at 2,628.30, leading gains in the region and the Kosdaq inched 0.36% higher to finish at 896.28. The Kospi is close to its 2023 high of 2,641.16.
Hong Kong’s Hang Seng index gained 0.21% in its final hour of trade, continuing the rally seen on Thursday.
In mainland China, the Shanghai Composite rose marginally to 3,237.7 while the Shenzhen Component lost 0.14% to end at 11,080.32.
Singapore’s economy grew 0.7% in the second quarter of the year, avoiding a technical recession. The Straits Times index
rose 0.26% after the release.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| Nikkei 225 Index | *NIKKEI | 32391.26 | -28.07 | -0.09 | |
| Hang Seng Index | *HSI | 19413.78 | 63.16 | 0.33 | |
| S&P/ASX 200 | *ASX 200 | 7303.1 | 56.2 | 0.78 | |
| Shanghai | *SHANGHAI | 3237.7 | 1.22 | 0.04 | |
| KOSPI Index | *KOSPI | 2628.3 | 37.07 | 1.43 | |
| CNBC 100 ASIA IDX | *CNBC 100 | 8729.7 | 54.37 | 0.63 |
Overnight in the U.S., all three major indexes recorded a fourth straight day of gains, with the S&P 500 and the Nasdaq Composite closing at their highest levels in over a year.
The S&P 500 climbed 0.85%, while the Dow Jones Industrial Average added 0.14%. The Nasdaq Composite gained the most, gaining 1.58%.
— CNBC’s Hakyung Kim and Samantha Subin contributed to this report
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