Asian stock markets rebounded Wednesday after Wall Street stabilized following sharp declines for bank stocks and U.S. inflation eased but stayed high.
The Nikkei 225 JP:NIK in Tokyo advanced 0.3%. The Hang Seng HK:HSI in Hong Kong jumped 1.7% and the Shanghai Composite Index CN:SHCOMP rose 0.7%.The Nikkei 225 NIK in Tokyo advanced 0.3%. The Hang Seng HSI in Hong Kong jumped 1.7% and the Shanghai Composite Index SHCOMP rose 0.7%.
Stocks rose despite inflation data showing prices rose 6% over a year earlier in February, down from the previous month’s 6.4% but still far above the Federal Reserve’s 2% target. Investors had worried the Federal Reserve might respond to enduring upward pressure on prices by speeding up the pace of interest rate increases.
Tuesday’s data showed core inflation, with volatile energy and food prices stripped out to show a clearer trend, was 0.5% in February over the previous month, edging up from January’s 0.4% gain. The Fed pays close attention to core inflation in making monetary policy.
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