The momentum in Japan markets were largely driven by the country’s technology and financial sector.
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Japan’s major indexes gained more than 2% on Tuesday as markets resumed trading after a holiday.
The benchmark Nikkei 225 jumped 2.53% higher and breached 36,000 for the first time since Aug. 2. The broader Topix gained 2.16%.
The momentum was largely driven by the country’s technology and financial sectors, with Rakuten Group and Trend Micro leaping more than 8% and 6%, respectively.
The country’s parliament plans to hold a special session next week to discuss the Bank of Japan’s decision to raise interest rates last month, Reuters reported, citing government sources.
Japan’s producer price index rose 3% in July from a year earlier, in line with expectations and climbing at a faster pace compared to 2.9% in June. The CGPI measures the price changes of goods traded within the corporate sector.
South Korea’s Kospi dipped 0.2%, while the small-cap Kosdaq lost 1.57%.
Australia’s S&P/ASX 200 rose marginally.
Hong Kong’s Hang Seng index kicked off the trading day with a 0.4% gain, while mainland China’s CSI 300 opened 0.06% higher.
In Southeast Asia, Singapore reported its economy grew 2.9% in the second quarter from a year ago, in line with the advance gross domestic product estimate released in July. The Ministry of Trade and Industry cited strength in the wholesale trade, finance and insurance as well as the information and communication sectors. The city-state also said it sees 2024 GDP growth of 2% to 3%, versus its previous forecast of 1% to 3%.
U.S. markets grappled with a choppy session overnight as investors braced for key inflation data.
The S&P 500 concluded the day flat at 5,344.39, while the tech-heavy Nasdaq Composite climbed 0.21% to close at 16,780.61, led by shares of Nvidia soaring 4%. On the flipside, the Dow Jones Industrial Average fell 140 points or 0.36% to conclude at 39,357.01.
Traders await Wednesday’s consumer price index for July, a key indicator of the health of the U.S. economy. Investors will analyze the data for indications the Federal Reserve can begin cutting rates in September.
—CNBC’s Brian Evans and Tanaya Macheel contributed to this report.
https://www.cnbc.com/2024/08/13/asia-markets-us-inflation-japan-cgpi-singapore-gdp.html
