U.S. inflation report; China trade data


SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday trade as investors watched for market reaction to the release of a slightly hotter-than-expected U.S. inflation report. New Zealand also hiked its rate by 50 basis points, its biggest increase in more than 20 years.

Mainland Chinese stocks were mixed ahead of the release of dollar-denominated China trade data for March, as concerns around the mainland’s Covid situation continue to weigh on investor sentiment.

The Shanghai composite slipped 0.44% while the Shenzhen component dipped 0.841%. Hong Kong’s Hang Seng index recovered from earlier losses, rising 0.16% by the afternoon.

The Nikkei 225 in Japan climbed 1.76% while the Topix index advanced 1.11%.

US CPI inflation might have peaked this month, assuming there is no further escalation of the conflict in Ukraine and oil prices evolve in line with the future curve going forward.

Silvia Dall’Angelo

Senior Economist, Federated Hermes

South Korea’s Kospi rose 1.47% while the S&P/ASX 200 in Australia edged 0.35% higher.

MSCI’s broadest index of Asia-Pacific stocks outside Japan gained 0.84%.

RBNZ rate hike

U.S. inflation report

Stock picks and investing trends from CNBC Pro:

“US CPI inflation might have peaked this month, assuming there is no further escalation of the conflict in Ukraine and oil prices evolve in line with the future curve going forward. However, there are still considerable external and domestic price pressures in the pipeline,” Dall’Angelo said.

Shares on Wall Street slipped overnight following the U.S. inflation report release. The Dow Jones Industrial Average shed 87.72 points, or 0.26%, to 34,220.36. The S&P 500 dipped 0.34% to 4,397.45 while the Nasdaq Composite declined 0.3% to 13,371.57.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 100.239 as it continued to hold above the 100 level.

The Japanese yen traded at 125.52 per dollar, weaker than levels below 125.1 seen against the greenback earlier this week. The Australian dollar was at $0.7461 following its rise from below $0.744 yesterday.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures slipping fractionally to $104.59 per barrel. U.S. crude futures declined 0.1% to $100.50 per barrel.

— CNBC’s Jeff Cox contributed to this report.



Source link

Comments are closed, but trackbacks and pingbacks are open.