Asia-Pacific markets rise ahead of Powell’s Jackson Hole speech

Soegeefx AppsAsia MarketAsia-Pacific markets rise ahead of Powell’s Jackson Hole speech

Shares in the Asia-Pacific rose on Friday as investors look ahead to Fed Chair Jerome Powell’s speech at Jackson Hole later stateside.

Japan’s Nikkei 225 gained 0.81% while the Topix added 0.45%.

In Australia, the S&P/ASX 200 rose 0.19%.

The Kospi in South Korea advanced 0.53% and the Kosdaq rose 0.49%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.13% higher.

.N225 Nikkei 225 Index *NIKKEI 28744.76 265.75 0.93
.HSI Hang Seng Index *HSI 19968.38 0 0
.AXJO S&P/ASX 200 *ASX 200 7097.6 49.5 0.7
.SSEC Shanghai *SHANGHAI 3245.61 -0.64 -0.02
.KS11 KOSPI Index *KOSPI 2495.19 17.93 0.72
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 8165.88 54.45 0.67

“Hawkish commentary out of a cast of Fed speakers overnight was of little consequence as markets await Powell’s keynote at Jackson Hole this evening,” Taylor Nugent, an economist at National Australia Bank, wrote in a note Friday. He noted Fed speakers have said the central bank’s task of fighting inflation isn’t over, and that rates need to enter restrictive territory.

Overnight in the U.S., major indexes rose. The Dow Jones Industrial Average jumped 322.55 points, or 0.98%, to 33,291.78. The S&P 500 gained 1.41% to 4,199.12, and the Nasdaq Composite added 1.67% to 12,639.27. A slew of companies listed in Hong Kong will be reporting earnings, including Meituan.

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Tokyo inflation at fastest pace since Oct. 2014

Tokyo’s consumer price index rose more than expected in August, official data showed.

Core CPI in Japan’s capital rose 2.6% compared to the same period last year, slightly higher than the 2.5% increase predicted in a Reuters poll. That’s the fastest pace of increase since October 2014, according to Eikon data.

The headline figure increased 2.9%, and CPI excluding fresh food and energy prices gained 1.4%.

— Abigail Ng

Source : CNBC

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