{"id":47022,"date":"2023-08-10T23:43:18","date_gmt":"2023-08-11T03:43:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-decline-after-u-s-inflation-edges-higher\/"},"modified":"2023-08-10T23:43:20","modified_gmt":"2023-08-11T03:43:20","slug":"asian-markets-decline-after-u-s-inflation-edges-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47022","title":{"rendered":"Asian markets decline after U.S. inflation edges higher"},"content":{"rendered":"
\n

BEIJING \u2014 Asian stock markets declined Friday after\u00a0U.S. inflation\u00a0edged higher, fueling unease about the outlook for the biggest global economy.<\/p>\n

The Shanghai Composite Index
\n CN:SHCOMP
\n fell 1.4% and the Hang Seng
\n HK:HSI
\n in Hong Kong fell 0.9%.<\/p>\n

\n

The Kospi
\n KR:180721
\n in Seoul gained less than 0.1% while Sydney\u2019s S&P\/ASX 200
\n AU:XJO
\n sank 0.1%. Stocks rose in Taiwan
\n TW:Y9999
\n while benchmark indexes in Singapore
\n SG:STI,<\/span>
\n Indonesia
\n ID:JAKIDX
\n and New Zealand
\n NZ:NZ50GR
\n declined. Japanese markets were closed for a holiday. <\/p>\n

Wall Street\u2019s benchmark S&P 500 index gained less than 0.1% on Thursday after government data showed consumer prices rose 3.2% in July. That was higher than the previous month but below forecasts.<\/p>\n

Traders hope the data will persuade the Federal Reserve that inflation that peaked above 9% last year is under control and no more interest rate hikes are needed.<\/p>\n

\u201cAs benign as the inflation report was initially interpreted, investors quickly shifted concerns to factors that could disrupt the narrative, such as scorchingly high energy and food prices,\u201d said Stephen Innes of SPI Asset Management in a report.<\/p>\n

On Wall Street, the S&P 500
\n SPX
\n rose to 4,468.83 for its second daily gain in the past eight days.<\/p>\n

The Dow Jones Industrial Average
\n DJIA
\n gained 0.2% to 35,176.15. The Nasdaq composite
\n COMP
\n added 0.1% to 13,737.99.<\/p>\n

U.S. inflation in July was\u00a0up from the previous month\u2019s 3% but below forecasts of 3.3%.<\/p>\n

Beneath the surface, underlying trends for inflation were also within expectations.<\/p>\n

The readings bolstered hopes among investors that\u00a0the Federal Reserve\u2019s anti-inflation campaign\u00a0worked and no more rate hikes are needed. They hope the Fed can achieve a \u201csoft landing\u201d by cooling inflation without tipping the economy into recession.<\/p>\n

Critics say Wall Street might have latched too early onto a belief that inflation is under control and the Fed\u2019s rate-hiking cycle is finished. The Fed has said its decisions on possible additional increases will be based on inflation, hiring and other data.<\/p>\n

Thursday\u2019s report likely gives the Fed a reason to hold rates steady at its next meeting in September, according to Gargi Chaudhuri, head of iShares Investment Strategy, Americas.<\/p>\n

The government is due to report wholesale inflation on Friday. More reports on inflation and hiring are due out before the Fed\u2019s next meeting that ends Sept. 20.<\/p>\n

Also Thursday, the government reported\u00a0slightly more workers applied for unemployment benefits last week than expected. That might help to reassure the Fed that hiring, which has stayed unexpectedly strong, isn\u2019t contributing to upward pressure on prices.<\/p>\n

In the bond market, the yield on 10-year Treasury debt rose to 4.09% from 4.01% late Wednesday.<\/p>\n

The two-year Treasury yield, which moves more on expectations for the Fed, ticked up to 4.81% from 4.80% late Wednesday.<\/p>\n

In energy markets, benchmark U.S. crude
\n CLU23,
\n +0.04%<\/bg-quote>
\n lost 6 cents to $82.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 on Thursday to $82.82. Brent crude
\n BRNV23,
\n +0.01%<\/bg-quote>,<\/span>
\n the price basis for international oil trading, lost 5 cents to $86.35 per barrel in London. It declined $1.15 the previous session to $86.40.<\/p>\n

The dollar
\n USDJPY,
\n -0.02%<\/bg-quote>
\n was unchanged at 144.72 yen. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING \u2014 Asian stock markets declined Friday after\u00a0U.S. inflation\u00a0edged higher, fueling unease about the outlook for the biggest global economy. The Shanghai Composite Index CN:SHCOMP fell 1.4% and the Hang Seng HK:HSI in Hong Kong fell 0.9%. The Kospi KR:180721 in Seoul gained less than 0.1% while Sydney\u2019s S&P\/ASX 200 AU:XJO sank 0.1%. Stocks rose […]<\/p>\n","protected":false},"author":1,"featured_media":47023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47022","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets decline after U.S. inflation edges higher | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BEIJING \u2014 Asian stock markets declined Friday after\u00a0U.S. inflation\u00a0edged higher, fueling unease about the outlook for the biggest global economy. 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