Asia markets mostly rise as more U.S. inflation data comes in softer than expected
The Tokyo Tower, left, and commercial and residential buildings at night in Minato district of Tokyo, Japan, on Saturday, Oct. 1, 2022. Photographer: Akio Kon/Bloomberg via Getty Images
Asia-Pacific markets largely rose on Friday after more inflation data out from the U.S. came in softer than expected, raising optimism that inflation could come down without weakening the labor market.
"Most stock and bond index prices rose today as economic data indicates inflation has fallen quickly and the labor market remains strong," Bill Merz, senior investment director at U.S. Bank Wealth Management.
June's producer price index rose less than anticipated, climbing 0.1% year on year, compared to the 0.2% expected by economists polled by Dow Jones. Core PPI, which strips out volatile food and energy prices, climbed 0.1% — also lower than expectations.
In Asia, Australia's S&P/ASX 200 climbed 0.39% after the government appointed current central bank deputy governor Michele Bullock as the next RBA governor, to succeed incumbent Philip Lowe.
South Korea's Kospi extended its gains after the Bank of Korea held rates on Thursday, climbing 0.62%, while the Kosdaq gained 0.37%.
In Japan, the Nikkei 225 climbed 0.84%, while the Topix was down 0.23%. The country will release its industrial output figures for May later Friday.
Hong Kong's Hang Seng index also looks set to continue its rally after surging more than 2.5% on Thursday. HSI futures stood at 19,584 compared to the HSI's close of 19,560.57.
Source: CNBC
