Nikada
Asia-Pacific equity markets advanced on Friday as investors assessed stronger-than-expected industrial production data in Japan for May while awaiting a key US inflation reading due later today. The Japanese yen weakened to around 161 per dollar as the Ministry of Finance appointed Atsushi Mimura as Japan’s top currency diplomat, replacing Masato Kanda.
Japan (NKY:IND) +0.61%. Japan’s industrial production expands more than expected in May; the jobless rate stays at 2.6%.
Tokyo’s inflation accelerates by 2.1% in June.
The Japanese yen hits a fresh 38-year low as MOF appoints Mimura.
Japan’s housing starts declined by 5.3% year-on-year in May 2024, swinging from the strongest rise in almost nine years of 13.9% in the previous month.
China (SHCOMP) +0.73%. The debate between Democratic President Joe Biden and Republican challenger Donald Trump had a minimal impact on China’s markets due to fewer-than-expected criticisms of China and mentions of tariffs.
Hong Kong (HSI) +0.03%.
India (SENSEX) +0.05%.
Australia (AS51) +0.10%. The Australian dollar fell below $0.665 after Reserve Bank of Australia Deputy Governor Andrew Hauser warned against policy setting due to a hot inflation reading, awaiting the full second quarter report due at the end of July.
In the U.S., on Thursday, all three major indexes ended mixed as Treasury yields retreated after fresh US data pointed to a continued slowdown in economic activity, bolstering Fed rate cut bets.
Markets also closely monitored the first US presidential debate between Donald Trump and Joe Biden, with Trump emerging as the pro-Bitcoin candidate.
U.S. stock futures climbed higher on Friday as investors watched the first debate of the 2024 US presidential election between incumbent Biden and former President Donald Trump: Dow +0.06%; S&P 500 +0.30%; Nasdaq +0.38%.
Investors now look ahead to the U.S. PCE report for May, along with key economic indicators from China, particularly the PMIs.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).