Inflation in Australia hits 32-year high; Asia Pacific Markets Rise

Inflation in Australia hits 32-year high;  Asia Pacific Markets Rise

Shoppers stroll the Pitt Street Mall on June 07, 2022 in Sydney, Australia.

Brendon Thorne News Getty Images | Getty Images

Stocks in the Asia-Pacific region rose on Wednesday as sentiment improved overnight on the prospect of the Federal Reserve becoming less aggressive. Australia’s annual consumer price index reached its highest level since December 1990.

in Australia , S & P / ASX 200 It was up 0.34% prior to the report before trading almost flat. The Australian dollar It jumped to nearly $0.6400 as investors digest inflation data.

The Nikkei 225 In Japan, it was up 0.87% in early trade, and Topix was up 0.79%. South Korea Cosby It gained 0.2% and the KOSDAQ index fell 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose slightly.

India market is closed for holiday. In corporate news, Standard Chartered, Ping AnAnd the SK Hynix Among the companies scheduled to announce earnings Wednesday.

Overnight in the United States, Major indices rose for the third consecutive session as bond yields fell. The Dow Jones Industrial Average closed up 337.12 points, or about 1.1%, to close at 3,1836.74 points. The S&P 500 advanced 1.6% to close at 3,859.11. The Nasdaq Composite Index rose 2.2%, falling at 11,199.12.

“Markets rebounded overnight on better earnings reports and speculation that the monetary tightening cycle may be nearing its end,” analysts wrote in an ANZ research note, adding that lower consumer confidence and house prices suggest that tightening policies may be beginning to dampen demand. .

Leave a Reply

Your email address will not be published. Required fields are marked *