Asian stocks mixed with Chinese data
Asia-Pacific markets are mixed after the S&P 500 hit a new high for 2023 and the Dow Jones Industrial Average gained for the third consecutive year.
The main focus for next week will be the Fed’s policy meeting on 13 and 14 June, especially after jobless claims hit their highest level since October 2021; this will be a potential sign that the labor market is softening after more than a year.
Investors digested the Chinese consumer price index, which rose 0.2 percent in May and producer prices, which fell 4.6 percent year-on-year, the most since May 2016.
Hong Kong’s Hang Seng index fell 0.19 percent, breaking its latest rally. Mainland Chinese markets also fell after the CPI announcement, with the Shanghai Composite Index slipping 0.11 percent and the Shenzhen Component Index down 0.15 percent.
In Japan, the Nikkei 225 rose 1.61% and recouped some of its losses in the last two days, while Topix gained 1.25%. South Korea’s Kospi rose 0.96 percent and Kosdaq 1.01 percent, while Australia’s S&P/ASX 200 rose 0.35 percent.
Overnight in the US, the Nasdaq Composite rose by leading earnings and all three major indices rose 1.02%, while the S&P 500 rose 0.62 percent and the Dow Jones Industrial Average 0.5 percent.
