Asian Stock Market: Despite a record-breaking U.S. inflation report that hinted at further potential interest rate hikes that investors fear will stifle economic development, Asian stock markets increased on Thursday.
U.S. futures retreated a little bit as oil prices rose.
The benchmark S&P 500 index on Wall Street fell 0.4% on Wednesday as a result of data showing that consumer inflation in the US increased to 9.1% in June from 8.6% in May. That was in spite of the Federal Reserve raising rates three times this year.
Investors fear that harsh measures used by central banks to combat four-decade high inflation could stall global economic expansion. Growth apprehensions are impacting markets more severely than inflation worries, according to a report by Stephen Innes of SPI Asset Management.
Tokyo’s Nikkei 225 rose 0.7 percent to 26,665.09, while the Shanghai Composite Index rose 0.3 percent to 3,294.50.
Asia Stock Market
After Panasonic Holdings revealed plans for a multibillion dollar mega-factory to create electric vehicle batteries for Tesla and other automakers in the American state of Kansas, the company’s shares increased by 1.1 percent.
Hong Kong’s Hang Seng increased by 0.3% to 20,855.29.
S&P-ASX 200 in Sydney increased by 0.4 percent to 6,646.60 after official data revealed that employment increased more than anticipated in June. To 2,330.74, the Kospi in Seoul increased by 0.1 percent. Singapore declined, while Jakarta and New Zealand advanced.
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In addition to the Federal Reserve, central banks in South Korea, Britain, and other nations have raised rates to slow the rise in prices. According to the European Central Bank, it has comparable ambitions.
Asia Stock Markets
A recession, according to Fed officials, is both conceivable and uncertain. Despite increasing borrowing costs, they highlight the U.S. job market as being robust.
The S&P on Wall Street dropped to 3,801.78. The Nasdaq composite slid 0.2 percent to 11,247.58 and the Dow Jones Industrial Average fell 0.7 percent to 30,772.79
In the coming weeks, traders will be anticipating the most recent quarterly results from significant American companies.
On the New York Mercantile Exchange’s computerized trading platform, benchmark U.S. crude increased 54 cents to $96.84 a barrel in the energy sector. On Wednesday, the contract increased 46 cents to $96.30.
The benchmark price for global oil trading, Brent crude, increased 67 cents to $100.24 per barrel in London. The prior session saw an increase of 8 cents to $99.57 a barrel.
The Heartz Team.