{"id":55101,"date":"2023-08-30T23:20:40","date_gmt":"2023-08-31T03:20:40","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/asian-stocks-buoyed-by-wall-st-cheer-australia-rallies-on-soft-cpi\/"},"modified":"2023-08-30T23:20:42","modified_gmt":"2023-08-31T03:20:42","slug":"asian-stocks-buoyed-by-wall-st-cheer-australia-rallies-on-soft-cpi","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55101","title":{"rendered":"Asian stocks buoyed by Wall St cheer, Australia rallies on soft CPI"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com– Most Asian stocks rose on Wednesday, tracking strong cues from Wall Street after weak data pushed up hopes for a less hawkish Federal Reserve, with Australian shares leading gains on a softer-than-expected inflation reading.\u00a0<\/p>\n

after U.S. and data read weaker than expected, spurring bets that the Fed will have less economic headroom to keep raising interest rates.<\/p>\n

But several more U.S. economic indicators are on tap this week, with and data in particular expected to affect the Fed\u2019s outlook.<\/p>\n

Technology stocks were the key beneficiaries of easing concerns over the Fed, with tech-heavy bourses including South Korea\u2019s and Hong Kong\u2019s index up 0.7% and 0.6%, respectively. Strength in tech helped Japan\u2019s add 1%.\u00a0<\/p>\n

Futures for India\u2019s index also pointed to a strong open, with heavyweight tech stocks set to track their global peers.\u00a0<\/p>\n

ASX 200 rallies as soft CPI fuels rate pause bets\u00a0<\/h2>\n

Australia\u2019s was the best performer among its peers on Wednesday, rallying over 1% after data showed that (CPI) inflation eased more than expected in July.<\/p>\n

The reading showed that aggressive rate hikes by the Reserve Bank of Australia over the past year were now bearing fruit, which in turn gives the central bank less impetus to keep raising interest rates.\u00a0<\/p>\n

But separate data showed that Australian slid in July, while also grew less than expected in the second quarter, indicating that high interest rates and weak savings were weighing on the country\u2019s real estate market. Australian economic growth is also expected to cool this year with interest rates at over decade highs.<\/p>\n

China lags on property jitters, stimulus cheer runs dry\u00a0<\/h2>\n

Chinese shares lagged their broader Asian peers on Wednesday, with the and indexes both falling 0.2%.\u00a0<\/p>\n

Concerns over the country\u2019s ailing property sector grew after Country Garden <\/span><\/span> Holdings (HK:) said it will issue about $34 million in new shares to repay some debt obligations. The firm is also set to report an over $7 billion loss for the first half of 2023 later in the day.\u00a0<\/p>\n

Chinese indexes had marked a strong start to the week after Beijing unveiled new measures aimed at supporting local equity markets, most notably halving the stamp duties collect on stock trading. But analysts had warned the measures would only provide a temporary boost to local markets, given that concerns over the country’s economic prospects were growing.<\/p>\n

Investors were also growing increasingly impatient with Beijing\u2019s reluctance to roll out more targeted, fiscal measures to support the economy, even as government officials kept talking up more stimulus measures.<\/p>\n

Focus is now squarely on (PMI) readings from the country, due on Thursday. The data is expected to show continued weakness in Chinese business activity through August.\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters. Investing.com– Most Asian stocks rose on Wednesday, tracking strong cues from Wall Street after weak data pushed up hopes for a less hawkish Federal Reserve, with Australian shares leading gains on a softer-than-expected inflation reading.\u00a0 after U.S. and data read weaker than expected, spurring bets that the Fed will have less economic headroom […]<\/p>\n","protected":false},"author":1,"featured_media":55102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-55101","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAsian stocks buoyed by Wall St cheer, Australia rallies on soft CPI | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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