Asian markets rise as investors await U.S. inflation data

Asian markets rise as investors await U.S. inflation data

Article_Normal, Investing/Securities

12/9/2021 7:30:00 AM

Asian markets rise as investors await U.S. inflation data

Asian stock markets followed Wall Street higher Thursday as investors waited for U.S. inflation data that might influence the Federal Reserve's decision on...

The Shanghai Composite Index SHCOMP, +1.03% rose 1% after producer price inflation eased to 12.9% over a year earlier from October’s 13.5% as prices of coal and metals fell. Consumer inflation rose above 2% for the first time in more than a year due to a 1.6% rise in food prices.

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The Nikkei 225 NIK, -0.18% in Tokyo lost 0.2% while the Hang Seng HSI, +0.89% in Hong Kong advanced 0.9%. The Kospi 180721, +0.40% in Seoul gained 0.4%.The S&P/ASX 200 XJO, +0.00% in Sydney added less than 0.1%. Stocks rose slightly in Singapore STI, +0.29% and Indonesia JAKIDX, +0.12%, and were about flat in Taiwan Y9999, +0.04%.

China on Thursday reported inflation in prices paid by factories for components and raw materials eased in November from the previous month’s 25-year high. That is seen by traders as a possible guide to U.S. inflation due to China’s role as a global manufacturing center. headtopics.com

Wall Street rose for a third day Wednesday as anxiety about the coronavirus’s omicron variant eased.Traders looked ahead to Friday’s report of U.S. consumer inflation in November for indications of whether the Federal Reserve will feel more pressure to cool prices by rolling back stimulus that is boosting stock prices.

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Fed officials meet next week for the last time in 2021. They said earlier they were ready to act if needed after inflation hit a 30-year high of 6.2% in October.“Friday’s inflation reading will undoubtedly be top of mind” for Fed officials, Matt Weller of StoneX Financial said in a report. The headline figure is “expected to rise even further.”

On Wall Street, the benchmark S&P 500 index SPX, +0.31% rose 0.3% to 4,701.21. It is up 25.2% for the year. Some 62% of stocks in the index advanced.The Dow Jones Industrial Average DJIA, +0.10% added 0.1% to 35,754.75. The Nasdaq composite COMP, +0.64% rose 0.6% to 15,786.99.

Markets slipped over the previous two weeks due to concern about inflation and the omicron variant. Stocks steadied after the chief White House medical adviser, Dr. Anthony Fauci, said Monday early signs suggest it might be less dangerous than the earlier delta variant. headtopics.com

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In energy markets, benchmark U.S. crude CLF22, +0.82% rose 77 cents to $73.13 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents on Wednesday to $72.36. Brent crude BRNG22, +0.57%, the price basis for international oils, gained 70 cents to $76.52 per barrel in London. It rose 38 cents to $75.82 the previous session.

Read more: MarketWatch »

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