Nikada
The Asia-Pacific equity market mostly rose, as a rally on Wall Street overnight buoyed sentiment, as shares of US big tech soared amid greater confidence on Fed rate cuts this year. Investors await US CPI data due later today.
Japan (NKY:IND) +0.94%. The Nikkei 225 Index jumped to close at 42,224 on Thursday, reaching a new all-time high, as surging artificial intelligence-related chip stocks and expectations for Federal Reserve rate cuts lifted the market further.
On the economic front, data showed that core machinery orders in Japan, a leading indicator of capital spending in the coming six to nine months, unexpectedly declined in May.
China (SHCOMP) +1.05%. In China, markets were notably higher, reversing Wednesday’s fall after authorities restricted short selling and quantitative trading strategies in its latest move to revive a sluggish stock market. Investors now look ahead to more Chinese economic reports, including outstanding loan growth and trade figures.
Hong Kong (HSI) +2.07%. A strong reversal from slight losses in the prior session, as all sectors gained robustly.
India (SENSEX) -0.25%. As traders braced for an earnings season with the announcement from heavyweight stocks of TCS later today. Investors anticipate the release of June India’s inflation data on Friday
Australia (AS51) +0.93%. In Australia, investors digested data showing consumer inflation expectations eased to 4.3% in July from 4.4% in June.
In the U.S., on Wednesday, all three major indexes ended higher, with S&P and Nasdaq reaching a record peak boosted by tech sectors amid hopes of the Fed rate cuts this year and ahead of inflation data.
U.S. stock futures held steady on Thursday: Dow -0.07%; S&P 500 -0.07%; Nasdaq -0.10%.
Investors now look ahead to key US consumer inflation data for June, which will be released later on Thursday, while producer inflation data will follow on Friday.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).