Breaking Stories

Asia-Pacific stocks mostly higher as China’s factory prices rise more than expected

SINGAPORE — Asia-Pacific stocks were mostly higher as investors reacted to the release of China’s inflation data for September.

The Shanghai composite in mainland China fell 0.19% while the Shenzhen component climbed 0.13%.

Producer inflation surged in September, official data showed Thursday. The producer price index for September soared 10.7% as compared with a year ago, slightly above expectations in a Reuters poll for a 10.5% increase.

China’s consumer price index also rose 0.7% in September as compared with a year ago. That was slightly below the 0.9% on-year increase as forecast in a Reuters poll.

Markets in Hong Kong are closed on Thursday for a holiday.

Singapore central bank tightens monetary policy

Singapore’s Straits Times index fell 0.31% after the country’s central bank unexpectedly tightened monetary policy on Thursday.

Official advance estimates also showed Thursday that Singapore’s economy grew 6.5% year-on-year in the third quarter of 2021. That was largely in line with expectations from economists in a Reuters poll, who had expected a 6.6% year-on-year expansion for the third quarter.

Elsewhere, the Nikkei 225 in Japan advanced 0.93% while the Topix index edged 0.28% higher. South Korea’s Kospi gained 1.25%.

In Australia, the S&P/ASX 200 climbed 0.67%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.4% higher.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.04 after falling recently from above 94.4.

The Japanese yen traded at 113.45 per dollar, weaker than levels below 112.5 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7375, above levels below $0.735 seen yesterday.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.17% to $83.32 per barrel. U.S. crude futures gained 0.12% to $80.54 per barrel.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *