Tokyo Tower (left) and commercial and residential buildings at night in the Minato ward of Tokyo, Japan on Saturday, October 1, 2022. Photographer by Akio Kon/Bloomberg via Getty Images
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Markets in Asia-Pacific were mixed on Friday after more weaker-than-expected inflation data from the US, boosting optimism that inflation could fall without weakening the jobs market.
The US Producer Price Index rose less-than-expected in June, rising 0.1% year-on-year, while the core PPI, which excludes volatile food and energy prices, rose 0.1% — also less-than-expected.
Australia’s S&P/ASX 200 rose 0.26% after the government appointed Deputy Central Bank Governor Michele Bullock as the next Reserve Bank of Australia Governor, succeeding incumbent Philip Lowe.
In Japan, the Nikkei 225 reversed earlier gains and fell 0.3%, while the Topix slipped 0.5% ahead of its May industrial production release. South Korea’s Kospi rose 0.78%, while the Kosdaq edged lower.
Hong Kong’s Hang Seng index rose 0.95% in the first hour of trading, continuing the rally seen on Thursday. In mainland China, the Shanghai Composite fell marginally and the Shenzhen Component rose 0.12%.
Singapore’s economy grew in the second quarter of the year, avoiding a technical recession. The Straits Times Index rose 0.5%.
Overnight, all three major indices in the US posted a fourth straight day of gains, with the S&P 500 and Nasdaq Composite closing at their highest levels in over a year.
The S&P 500 rose 0.85%, while the Dow Jones Industrial Average gained 0.14%. The Nasdaq Composite gained the most, up 1.58%.
– CNBC’s Hakyung Kim and Samantha Subin contributed to this report