Markets in the Asia-Pacific were mostly higher on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve’s path forward in its tightening cycle.
Economists polled by Dow Jones expect a 6% year-over-year increase in the U.S. consumer price index. Currently, the Fed is expected to raise rates by 25 basis points next month.
In Japan, the Nikkei 225 rose 0.57% to 28,082.7 and the Topix gained 0.76% to 2,006.92 as traders further digested Japan’s producer price index and machinery orders report. Marine transportation, wholesale, and mining led gains while banks and transportation equipment saw moderate gains. South Korea’s Kospi
gained 0.11% to close at 2,550.64.
In Australia, the S&P/ASX 200 inched up 0.47% to 7,343.9 while Hong Kong’s Hang Seng index fell 1.05% in its final hour of trade. In mainland China, the Shanghai Composite rose 0.41% to 3,327.18 and the Shenzhen Component
slid 0.05% to 11,883.51.
The International Monetary Fund warned that the global economy could be heading for the weakest growth since 1990, downgrading its outlooks for the coming years.
Overnight on Wall Street, tech stocks fell with the Nasdaq Composite shedding 0.43%. The S&P 500 ended Tuesday’s session flat and the Dow Jones Industrial Average rose 98.27 points, or 0.29%.
Investors also looked ahead to key bank earnings from the U.S. as JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday. BlackRock and UnitedHealth Group are also scheduled to report.
Source: Consumer News Business Channel