The Bank of Korea’s logo hangs atop the Bank of Korea’s central bank headquarters building in Seoul, South Korea, Thursday, August 16, 2018. Prices are expected to rise to their highest levels since 2008.
Joan Bell | Bloomberg | Getty Images
SINGAPORE – Asia-Pacific markets opened mostly higher on Friday, breaking the pattern on Wall Street as major benchmarks slipped as investors digested a troublesome U.S. inflation report.
Asian investors are also keeping an eye on the Bank of Korea’s policy decision on Friday. A Reuters survey showed that the Bank of Korea is expected to cut interest rates for the first time since March 2022, cutting the benchmark interest rate by 25 basis points to 3.25%.
China’s Ministry of Finance estimates A press conference will be held on Saturday 10 a.m. local time. The highly anticipated briefing is expected to unveil a new fiscal stimulus package as Beijing attempts to boost the economy.
Japanese Nikkei 225 Index It opened up 0.3%, while the Topix edged up 0.16%.
South Korea’s blue-chip Kospi rose 0.8% and small-cap Kosdaq gained 0.4%.
Hong Kong Futures Hang Seng Index It closed at 21,274 points, higher than the previous closing price of 21,251.98 points.
Australian S&P/ASX 200 Index It opened down 0.19% on the day.
Overnight in America, S&P 500 Index fell 0.21% to close at 5,780.05 points, while Dow Jones Industrial Average It fell 0.14% to close at 42,454.12 points. this Nasdaq Index It fell 0.05% to close at 18,282.05.
The U.S. consumer price index increased by 0.2% monthly, and the annual inflation rate reached 2.4% compared with the previous year. A Reuters survey showed that the inflation data was higher than expectations for a monthly increase of 0.1% and an annual increase of 2.3%.
Although the annual inflation rate is the lowest since February 2021, it has heightened concerns that the Federal Reserve may slow the pace of future interest rate cuts.
—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
