Asia-Pacific markets trade mixed on cooled U.S. inflation outlook
People look at a smartphone in front of electronic boards displaying stock information inside the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia.
David Moir | Bloomberg | Getty Images
Markets in the Asia-Pacific were set to trade mixed as expectations of cooled inflation in the U.S. lifted investor sentiment in the region.
On Friday, the University of Michigan consumer sentiment survey showed the one-year inflation outlook fell to 4%, the third straight monthly decrease and the lowest level since April 2021. That followed December’s CPI report, which showed prices declined 0.1% compared with a month ago — raising hopes that the Federal Reserve may soon slow its rate hikes.
In Australia, the S&P/ASX 200 rose 0.5% whil Japan’s Nikkei 225 fell 1% and the Topix shed 0.61%. South Korea’s Kospi inched up 0.2% and the Kodaq gained 0.62%.
Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. The announcement came after the World Health Organization criticized China, alleging it was underreporting deaths.
On Sunday, the high-speed rail connecting mainland China and Hong Kong reopened for the first time in three years.
Bitcoin passed $20,000, a key psychological level, for the first time in over two months and last traded at $20,876.
On Friday, stocks on Wall Street ended the week in the green as investors digested bank earnings in the U.S. The S&P and Nasdaq each posted their second consecutive positive week and best weekly performance since November.
— CNBC’s Tanaya Macheel, Samantha Subin contributed to this report
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