The stock indexes of the largest countries in the Asia-Pacific region (APR) are rising in trading on Friday, following the dynamics of the US stock market.
Investors, among other things, analyze statistical data from China and evaluate the statements of the head of the US Federal Reserve System (FRS) Jerome Powell.
The Fed is fully focused on bringing inflation down in the US, Powell said at an online event for the Cato Institute on Thursday.
Powell basically repeated statements he made at a recent symposium at Jackson Hole. He noted that he had decided to be as “short and precise” as possible during the symposium in order to emphasize the Fed’s absolute commitment to returning inflation to the 2% target, The Wall Street Journal writes.
Meanwhile, the European Central Bank (ECB) raised all three key interest rates by 75 bps. following Thursday’s meeting. The base interest rate on loans was raised to 1.25%, the rate on deposits – up to 0.75%, the rate on margin loans – up to 1.5%. The regulator announced its intention to continue raising rates at the next few meetings.
Exchanges in South Korea are closed (autumn holiday Chuseok – full moon day).
The Japanese Nikkei 225 rose by 0.6% by 08:14 Moscow time.
The growth leaders among the components of the index are the shares of the transport company Nippon Yusen K.K. (+3.6%), providing online medical services M3 Inc. (+3.3%) and non-ferrous metals producer Dowa Holdings Co. Ltd. (+2.8%).
Asia’s largest clothing retailer Fast Retailing is up 0.6%, while automotive Nissan Motor Co. – decrease by 0.9%.
China’s Shanghai Composite added 0.6% by 08:16 GMT, while Hong Kong’s Hang Seng edged up 2.4%.
Inflation in China unexpectedly slowed down in August, which indicates weakening domestic demand in the face of quarantine restrictions. Consumer prices (CPI) rose 2.5% year-on-year last month after rising 2.7% in July, the National Bureau of Statistics (GSO) of the People’s Republic of China said.
Analysts on average had expected growth to accelerate to 2.8%, according to Trading Economics.
Producer prices (PPI index) in China last month increased by 2.3% in annual terms – the lowest rate in 18 months. Analysts’ consensus forecast was for a slowdown in August to 3.1% from 4.2% in July.
The growth leaders in Hong Kong are shares of real estate developers Country Garden Holdings Co. Ltd. (+15%), Country Garden Services Holdings Co. Ltd. (+9.5%) and Longfor Group Holdings Ltd. (+6.1%).
The Australian indicator S&P/ASX 200 has gained 0.6% since the market opened.
The market value of the world’s largest mining companies BHP and Rio Tinto increased by 2.5% and 2.2%, respectively.
