Asia Markets Mixed Ahead of India and U.S. Inflation Data


Asia-Pacific markets were mixed ahead of key inflation data out of India and the U.S on Wednesday.

Economists expect the U.S. inflation rate for June to fall slightly to 5%, down from 5.3% in May, based on a Reuters poll. The inflation print, along with producer prices data on Thursday, will give clues to the Federal Reserve’s path for rate hikes.

In Japan, the Nikkei 225 slid 0.81% to end at 31,943.93 — the first time in over a month that it finished lower than 32,000 points, while the Topix was down 0.67% and closed at 2,221.48.

The country saw wholesale inflation slow to its lowest pace in six months, with the corporate goods price index rising just 4.1% year on year, official data showed.

Australia’s S&P/ASX 200 gained 0.38% and finished at 7,135, extending its gains from Tuesday.

South Korea’s Kospi climbed 0.48% to close at 2,574.72, while the Kosdaq saw a smaller gain of 0.13% to 879.88 as the country saw its unemployment rate climb slightly to 2.6% in June.

Hong Kong’s Hang Seng index gained 0.91%, while mainland Chinese indexes were all in negative territory. The Shanghai Composite closed 0.78% lower at 3,196.13, while the Shenzhen Component was down 0.99% to closed at 10,919.26.

Overnight in the U.S., all three major indexes advanced higher, with the Dow Jones Industrial Average gaining the most at 0.93%. The tech-focused Nasdaq Composite climbed 0.55% and the S&P 500 gained 0.67%.

Source: Consumer News Business Channel