Nikada
Asia-Pacific equity markets were mixed on Wednesday as investors reacted to hotter-than-expected Japanese producer inflation numbers and China’s latest inflation figures. Now, investors, look ahead of a key US inflation report and the latest Federal Reserve interest rate decision.
Japan (NKY:IND) -0.66%. Data showed that producer prices in Japan jumped 2.4% year-on-year in May 2024, accelerating from an upwardly revised 1.1% gain in April and posting the highest reading since August last year.
Meanwhile, investors look forward to the Bank of Japan’s policy decision on Friday, with a focus on whether the central bank will reduce its monthly bond purchases.
China (SHCOMP) +0.42%. In china, consumer inflation held steady in May while producer price deflation eased, suggesting the need for more stimulus to drive up demand.
Meanwhile, traders adopted a cautious stance after a report that the Biden administration might impose additional restrictions on China’s access to AI chip technology amid escalating US-China tensions.
Hong Kong (HSI) -1.12%.
India (SENSEX) +0.49%. Total passenger vehicle sales in India climbed 4.3% from a year earlier to 300,795 in May 2024, after a 1.2% rise in the previous month.
Australia (AS51) -0.47%. Markets also look forward to the Reserve Bank of Australia’s policy meeting next week, where it will likely hold rates at 4.35%, while reiterating that it is not ruling out further hikes if inflation resurges.
In the U.S., on Tuesday, all three major indexes ended mixed amid falling US Treasury yields ahead of the Fed’s interest rate decision and inflation data later today.
U.S. stock futures steadied on Wednesday: Dow +0.14%; S&P 500 +0.13%; Nasdaq +0.15%.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
