Saturday, May 4, 2024, an upscale shopping district in Ginza, Tokyo, Japan.
Bloomberg | Bloomberg | Getty Images
Asia-Pacific markets will continue to rise on Wednesday after U.S. producer prices fell below expectations in July.
Producer Price Index – a measure of wholesale inflation – An increase of 0.1% from the previous month. Economists expected a monthly gain of 0.2% in July, consistent with last month’s data, according to Dow Jones consensus estimates.
Investors will turn their attention to U.S. July consumer price index data released on Wednesday.
In Korea, The country’s seasonally adjusted unemployment rate It fell to 2.5% from 2.8% in July, the lowest since October 2023.
In Japan, manufacturers’ business confidence fell slightly in August compared with the previous month, according to a Reuters Tankan survey.
The Tankan survey, which tracks the Bank of Japan’s quarterly survey of the same name, showed manufacturer sentiment slipped to +10 in August, while the non-manufacturer index fell to +24. In the July survey, these two indicators were +11 and +26 respectively.
Reuters reported that this was due to sluggish demand from China, which weighed on business confidence, noting that the survey was also conducted after the Bank of Japan raised its benchmark interest rate in July to the highest level since 2008.
Japanese Nikkei 225 Index Futures showed a stronger market opening, with the Chicago futures contract at 36,550 points and the Osaka futures contract at 36,410 points, compared with the previous closing price of 36,232.51 points.
Australian futures S&P/ASX 200 Index It closed at 7,827 points, slightly higher than the last closing price of 7,826.8 points.
Hongkong Hang Seng Index Index futures were at 17,287 points, higher than the Hang Seng Index’s last closing point of 17,174.06 points.
U.S. stocks rose overnight following the Producer Price Index (PPI) report and were near last month’s all-time highs.
this Dow Jones Industrial Average Up 1.04% to 39,765.64 points, technology stocks gain Nasdaq Index up 2.43%.
this S&P 500 Index It was up 1.68%, just shy of 5% from its all-time high set in July.
—CNBC’s Brian Evans and Sarah Min contributed to this report.
