Asia-Pacific markets mostly higher after Powell’s latest comments on inflation

Soegeefx AppsAsia MarketAsia-Pacific markets mostly higher after Powell’s latest comments on inflation

Jihye Lee

Markets in Asia-Pacific were mostly higher as investors digest Federal Reserve Chair Jerome Powell’s latest comments as he vowed to raise rates to tackle inflation “until the job is done.”

In Japan, the Nikkei 225 rose 0.61% and the Topix rose 0.35%. In South Korea, the Kospi was up 0.33% and the Kosdaq rose 1.25%. In Australia, the S&P/ASX 200

also gained 0.25%.

.N225 Nikkei 225 Index *NIKKEI 28265.38 200.1 0.71
.HSI Hang Seng Index *HSI 18854.62 0 0
.AXJO S&P/ASX 200 *ASX 200 6879.5 30.8 0.45
.SSEC Shanghai *SHANGHAI 3235.59 0 0
.KS11 KOSPI Index *KOSPI 2384.28 7.82 0.33
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 7642.11 17.03 0.22

China is slated to release its August inflation data, which is expected to have picked up from July.

“China’s weak growth outlook and accommodative monetary policy stance against the aggressive tightening underway by the FOMC will keep USD/CNH well supported,” Commonwealth Bank of Australia’s FX strategist Kristina Clifton said in a note, referring to the offshore yuan.

The offshore yuan stood at 6.96, while the Japanese yen was at 143.85 and the Korean won stood at 1,383.11 against the greenback.

U.S. stock futures open little changed

U.S. stock futures opened little changed following a choppy session in the major averages as Wall Street considered the pace of future interest rate hikes.

Dow Jones Industrial Average futures rose by 23 points, or 0.07%. S&P 500 and Nasdaq 100 futures climbed 0.08% and 0.13%, respectively.

— Sarah Min

Source : CNBC

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