Asia’s Markets React: Australia and Japan’s Private Business Reports Spark Mixed Signals
Wednesday is a divided day for Asia-Pacific markets as investors evaluate private business activity surveys from Australia and Japan, as well as inflation data from Singapore.
The S&P/ASX 200 in Australia rose 0.66 percent, reversing earlier losses. According to the Juno Bank’s flash composite purchasing managers index for August, Australia’s business activity contracted at the quickest rate in 19 months.
Similarly, the Nikkei 225 rose 0.18 percent, while the Topix rose 0.18 percent. August’s interim PMI of 54.3 was higher than July’s PMI of 54.3, indicating a more rapid expansion of business activity.
However, the Kospi fell 0.56 percent and the Kosdaq declined 1.25 percent.
Hong Kong’s Hang Seng index hovered just below the zero line, and mainland Chinese markets were also in the red, with the benchmark CSI 300 index falling 0.72 percent.
In accordance with a Reuters poll, Singapore’s core inflation rose 3.8% in July from a year ago, causing the Straits Times Index to rise 0.29 percent.
Overnight in the United States, the S&P 500 declined 0.3%, dragged down by worries over rising Treasury yields and ahead of a crucial speech by Federal Reserve Chairman Jerome Powell later this week.
Monday, S&P Global lowered credit ratings and revised its prognosis for a number of U.S. banks, citing “tough” operating conditions. As a result, a number of regional and larger banks declined significantly.
The Dow Jones Industrial Average declined by 0.51%, whereas the tech-heavy Nasdaq Composite gained 0.06%.
Also Read:
