Asia markets set to trade higher as investors await U.S. inflation report

Soegeefx AppsAsia MarketAsia markets set to trade higher as investors await U.S. inflation report

Jihye Lee & Lim Hui Jie

Asia-Pacific shares are to trade higher as investors await the release of the U.S. consumer price index report, which will shape the Federal Reserve’s path ahead.

In Australia, the S&P/ASX 200 rose 0.63% in its first hour of trade as investors anticipate the release of the country’s consumer sentiment survey for February.

Nikkei 225 futures in Chicago were fractionally up at 27,720, while its counterpart in Osaka stood at 27,700, higher than its last close at 27,427.32. The Japanese yen stood at 132.33 against the U.S. dollar ahead of the Japanese government’s expected nomination of its next Bank of Japan governor.

The Nikkei reported last week that Kazuo Ueda will be nominated for the post.

.N225 Nikkei 225 Index *NIKKEI 27427.32 0 0
.HSI Hang Seng Index *HSI 21164.42 0 0
.AXJO S&P/ASX 200 *ASX 200 7464.8 47 0.63
.SSEC Shanghai *SHANGHAI 3284.16 0 0
.KS11 KOSPI Index *KOSPI 2452.7 0 0
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 8509.03 -68.34 -0.8

Singapore is set to release its budget for 2023 later today, as finance minister Lawrence Wong pledged additional measures to support the economy in an inflationary environment.

India is also expected to release its inflation data later in the day after the nation saw prices rise 5.7% on an annualized basis in December. The Indian rupee stood at 82.59 against the U.S. dollar.

Overnight on Wall Street, major indexes closed higher, regaining their footing after the S&P 500 and Nasdaq Composite suffered their worst weekly declines in nearly two months.

— CNBC’s Carmen Reiniche and Hakyung Kim contributed to this report.

Source : cnbc

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