Shibuya Central Street.
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Asia-Pacific markets mostly rebounded on Friday after Thursday’s sell-off saw some indexes in the region hit their lowest levels in months.
In Asia, traders assessed July inflation data from the Japanese capital Tokyo, which is widely considered a leading indicator of national trends.
Tokyo’s overall inflation rate slowed slightly to 2.2% in July from 2.3% in May, while core inflation (excluding fresh food prices) remained unchanged at 2.2%, in line with expectations.
So-called “Core-core” inflation ratePrices excluding fresh food and energy prices, which the BOJ focuses on, fell to 1.5% from 1.8%.
The yen will also be closely watched after strengthening sharply against the dollar over the past week. The currency is currently trading at 153.79 against the US dollar.
Japan’s Nikkei 225 Index It was trading near the flat line, while the Topix gained 0.2%.
chip manufacturer Renesas Electronics It fell for a second day in a row, leading the index lower with a plunge of more than 8% on Friday. That sent its shares to their lowest since April.
Renesas Electronics’ net profit fell 29% in first half Nikkei report President Hidetoshi Shibata admitted that the company “misjudged the demand for industrial equipment.” Unlike most Japanese companies, Renesas Electronics’ fiscal year begins on January 1.
Thursday’s sell-off wiped 760 billion yen ($4.9 billion) off its market value in a single day.
Some Japanese automakers also fell, including Nissan It fell 4.04% after the announcement. Results for the first quarter ended June 30 were dismal. Operating profit plummeted by more than 99% compared with the same period last year, and net profit plummeted by 72.9% compared with the same period last year.
According to Reuters Honda to close factory in China It is also halting production at another factory and planning to start producing more electric vehicles. Honda shares rose 1.58% on Friday.
Taiwan markets resume trading after two days closed due to typhoon Taiwan Weighted Index plunged 3.46%.
heavyweight Hon Hai Precision Industry — known internationally as Foxconn — and chip maker British Semiconductor fell 4.22% and 5.41% respectively.
Korean Cospi The Kosdaq also rose 0.62%, with the small-cap Kosdaq rising 0.33%.
Australian S&P/ASX 200 Index up 0.74%.
Hong Kong’s Hang Seng Index The CSI 300 Index rose 0.61%, while the CSI 300 Index fell 0.12%.
In addition, the Monetary Authority of Singapore announced that it will maintain monetary policy stability and the Singapore dollar exchange rate will remain unchanged.
Unlike most economies, Singapore does not use interest rates to control its monetary policy, choosing instead to use exchange rate settings to control the strength of the Singapore dollar.
In the U.S., traders continue to retreat from technology stocks, S&P 500 Index and Nasdaq Index On Thursday, they expanded their losses by 0.51% and 0.93% respectively, while Dow Jones Industrial Average up 0.2%.
“There’s a changing of the guard on Wall Street. Artificial intelligence stocks that previously led the gains are now leading the losses,” said Adam Sarhan, chief executive of 50 Park Investments, adding that these moves are not uncommon during bull markets. .
—CNBC’s Lisa Kailai Han and Sarah Min contributed to this report.
