Markets in Asia were choppy on Friday as investors priced in the prospect of sustained high interest rates despite lower-than-expected U.S. inflation.
As of 10.00 A.M. Bangkok time, Australia’s S&P/ASX 200 was down 0.22%, while South Korea’s Kospi was trading marginally higher. Japan’s markets are closed for a public holiday.
Hong Kong’s Hang Seng index slipped 0.77%, while the Shanghai Composite in Mainland China lost 1.11%.
U.S. consumer prices increased moderately in July and also slightly lower than the market’s forecasts. Consumer Price Index rose 3.2% YoY in July, compared to a rise of 3.3% expected. Meanwhile, the Core Consumer Price Index, which excludes volatile food and energy prices, rose 4.7% YoY, slightly lower than a forecast for a 4.8% rise.
The report added some more good news by stating that actual average weekly wages were stable in the previous month.
The Dow Jones Industrial Average gained 0.15% overnight as a result of the weaker inflation print in the United States. The Nasdaq Composite gained 0.12% while the S&P 500 rose 0.03%.
