Tokyo Tower (left) and industrial and residential buildings at night in the Minato district of Tokyo, Japan, Saturday, October 1, 2022. Photographer: Akio Kon/Bloomberg via Getty Images
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Asia-Pacific markets were mixed on Friday after the subsequent US inflation data was weaker than expected, which raised optimism that inflation could fall without weakening the labor market.
The US Producer Price Index rose less than expected in June, rising 0.1% year-on-year, while the core PPI, which takes into consideration volatile food and energy prices, rose 0.1%, also below expectations.
Australia S&P/ASX200 rose 0.26% after the federal government appointed its central bank vice-chairman Michele Bullock as the subsequent governor of the Reserve Bank of Australia, succeeding Philip Lowe.
In Japan, the so-called Nike 225 it reversed earlier gains and fell 0.3%, while Topix fell 0.5% ahead of May’s industrial production data release. South Korea’s Kospi rose 0.78% while Kosdaq fell barely.
Hong Kong’s Hang Seng Index gained 0.95% in the primary hour of trading, continuing its gains from Thursday. In mainland China, Shanghai Composite declined barely while Shenzhen Component gained 0.12%.
Singapore’s economy grew in the second quarter of the yr, avoiding a technical recession. The Straits Times Index increased by 0.5%.
Overnight in the US, all three major indices posted their fourth consecutive day of gains, with the S&P 500 and Nasdaq Composite closing at their highest levels in over a yr.
The S&P 500 was up 0.85% and the Dow Jones Industrial Average was up 0.14%. The Nasdaq Composite gained probably the most, gaining 1.58%.
— Hakyung Kim and Samantha Subin of CNBC contributed to this report