Most Asian stock indices are falling on Friday following similar dynamics in the US stock market a day earlier.
Investors are concerned that the Federal Reserve will continue aggressive tightening of monetary policy for the foreseeable future due to persistently high inflation, which could negatively affect the US economy.
Traders are waiting for the Fed to raise its base interest rate to 5% per annum next year. Last week, prior to the publication of fresh data on inflation in the US, they assumed a rise to 4.6%, according to futures on the size of the rate.
Consumer prices in Japan rose 3% in September from the same month a year earlier, the country’s Ministry of Interior and Communications said on Friday. Similar rates of increase were recorded in August. They are the highest since September 2014, while the rise in prices was noted for the thirteenth month in a row.
Consumer prices excluding fresh food, a key indicator monitored by the Bank of Japan, rose 3% year-on-year last month after rising 2.8% in August. The indicator exceeded the central bank’s 2% target for the sixth month in a row. At the same time, growth rates were the highest since September 2014.
The value of the Japanese index Nikkei 225 to 8:17 KSK fell by 0.4%.
Including the shares of such large companies as Fast Retailing (-0.9%), Toyota Motor (-0.4%) and Sony Group (-0.8%) become cheaper.
China’s Shanghai Composite rose 0.3% by 8:22 am KST, while Hong Kong’s Hang Seng shed 0.5%.
Shares of Shenzhou International Group Holdings Ltd., which is engaged in the production and sale of knitwear, are the leaders of the decline in quotations on the Hong Kong Stock Exchange. They fell in price by 6.3%.
In addition, the value of Budweiser Brewing Co. APAC (-3.7%), Chow Tai Fook Jewelery Group (-3.4%), sporting goods manufacturer Li Ning Co. (-3.4%).
Casino operator Sands China reported an 11.6% increase in net loss in the third quarter due to anti-coronavirus restrictions in Macau. The company’s shares lose 3.2% in price.
Meanwhile, stock quotes of online retailers Alibaba Group and JD.com Inc. rise respectively by 0.4% and 1.4%, the Internet giant Tencent Holdings Ltd. – by 0.9%.
The South Korean Kospi index decreased by 0.35% by 8:17 am KSK.
Quotes of securities of one of the world’s largest manufacturers of chips and electronics Samsung Electronics Co. rise by 0.9%, while the cost of automaker Hyundai Motor fell by 1.2%.
Share price of Samsung SDI Co. soared 5.9% on the news that the company has completed the construction of an enterprise for the production of components for the production of car batteries. It is expected that production on it will begin in the first quarter of 2023.
The Australian S&P/ASX 200 fell 0.8%. According to the results of the whole last week, it lost more than 1%.
Capitalization of the world’s largest mining companies BHP and Rio Tinto decreased on Friday by 0.7% and 0.8% respectively.
In addition, the shares of all four largest banks in the country fell in price: Commonwealth Bank – by 1.5%, ANZ Bank – by 1.1%, Westpac Banking – by 0.8% and National Australia Bank – by 1.5%.
