HomeMarket NewsAsia-Pacific Stocks Embrace Cautious Sentiment as U.S. Inflation Data Looms

Asia-Pacific Stocks Embrace Cautious Sentiment as U.S. Inflation Data Looms

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Japan’s Nikkei 225 Index experienced a marginal uptick of +0.05% amidst the release of Japan’s October PPI showing a monthly decline of 0.4% (anticipation was 0.0%) and a year-on-year increase of 0.8% (projections were +0.9%).

China’s Shanghai Composite Index registered a rise of +0.25%.

Hong Kong’s Hang Seng Index also exhibited growth, climbing +0.61%.

India’s SENSEX, however, faced a decline of -0.49%. Notably, India’s total passenger vehicle sales soared by 17.3% year-on-year to 341,377 in October 2023, marking a substantial acceleration from the 3.1% increase in the preceding month.

Australia’s ASX 200 experienced a downturn, dropping -0.40%.

In the United States on Friday, all three major indices concluded significantly higher, buoyed by stabilized Treasury yields and investors’ digestion of recent data and hawkish Federal Reserve remarks.

However, caution lingered amongst investors following another downgrade on the US credit rating outlook, driven by mounting concerns about the nation’s escalating fiscal deficits and political impasses.

U.S. stock futures experienced a slight dip on Monday subsequent to Moody’s revision of the US credit rating outlook from stable to negative, citing increasing fiscal deficits and political standoffs in Washington: Dow -0.20%; S&P 500 -0.32%; Nasdaq -0.34%.

Market participants awaited the release of US October inflation figures to glean insights into the Federal Reserve’s prospective monetary policy. Concurrently, some market observers anticipated favorable outcomes from the forthcoming meeting between US President Biden and Chinese leader Xi Jinping, while Bloomberg News reported that China may inject additional liquidity into the system as the largest amount of policy loans in a year come due.

Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).

Deeper Market Insights

  • Japan witnesses a modest 0.8% year-on-year increase in producer prices for October, marking the lowest level in three years

  • S&P 500 follows its best week of 2023 with a 1% advancement in the current week

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