Pedestrians walk past Japanese national flags decorating a street in the popular tourist area of Ginza as people do last minute shopping before the New Year’s holidays, in central Tokyo on December 30, 2024.
Asia-Pacific markets mostly fell on Wednesday, following a softer-than-expected inflation data from the US that sent two key Wall Street benchmarks higher overnight. The producer price index, which measures wholesale inflation, climbed just 0.2% in December, according to the Bureau of Labor Statistics. Economists polled by Dow Jones had estimated a 0.4% rise.
Investors in Asia also assessed the Reuters Tankan survey from Japan for January. Business sentiment among large manufacturers rebounded, with the Tankan reading coming in at plus 2, after dipping into negative territory for the first time in 10 months in December. Optimism among non-manufacturers edged up to plus 31, from plus 30 in December.
Hong Kong’s Hang Seng index rose 0.26% as of its final hour, while mainland China’s CSI300 fell 0.64% to 3,796.02 after recording its best day since November on Tuesday. The benchmark Nikkei 225 was marginally down, ending at 38,444.58 and extending losses to a fifth straight day. The Topix, in contrast, gained 0.31% to 2,690.81 to snap its four-day losing streak.
South Korea’s Kospi also fell marginally and ended at 2,496.81, while the small-cap Kosdaq index lost 0.9% to 711.61 after South Korean investigators arrested impeached President Yoon Suk Yeol. Australia’s S&P/ASX 200 slipped 0.22% to 8,213.3.
Overnight in the US, the Dow Jones Industrial Average climbed 0.52% while the S&P 500 advanced 0.11% after the PPI report to 5,842.91. In contrast, the tech-heavy Nasdaq Composite slipped 0.23%.
