- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
JRI | 0.66% | 13.67 | $ | |
BCC | -1.14% | 139.89 | $ | |
NGG | -0.23% | 69.57 | $ | |
CMSC | -0.13% | 24.74 | $ | |
SCS | 1.42% | 13.34 | $ | |
GSK | 0.15% | 40.77 | $ | |
AZN | 0.15% | 77.74 | $ | |
BTI | -0.86% | 36.525 | $ | |
BP | -0.1% | 31.39 | $ | |
RIO | -0.18% | 71.1 | $ | |
RYCEF | -0.14% | 7.03 | $ | |
RBGPF | 7.18% | 64.75 | $ | |
BCE | -1.32% | 34.73 | $ | |
CMSD | -0.72% | 24.9 | $ | |
RELX | -0.41% | 47.365 | $ | |
VOD | -0.85% | 10.005 | $ |
Asian stocks mostly up despite red-hot US inflation
Asian markets mostly started Wednesday with gains, despite a day of losses on Wall Street and across Europe sparked by data showing red-hot US inflation.
Hong Kong and Shanghai bucked the trend though, posting slight losses in morning trade.
The US consumer price index surged 8.5 percent in March compared with a year ago, the biggest jump since December 1981. CPI climbed 1.2 percent over February's level.
The report was the first to fully encompass the shock caused by Russia's invasion of Ukraine and Western sanctions against Moscow, which have caused energy and food prices to spike worldwide.
Though the Federal Reserve was poised to raise interest rates quickly to tamp down inflation pressures, the effects will not be immediate.
But Tokyo shrugged off the gloom, with the benchmark Nikkei 225 up by about 1.5 percent.
Shares in Seoul and Sydney were also up, while Mumbai was down.
"Yes, US inflation was hot -– it's hottest in 40 years. But we're getting used to these extreme headline prints now, to the point that markets looked past the whopping 8.5 percent y/y print in favour of core CPI only rising 0.3 percent compared to 0.5 percent expected," said Matthew Simpson, senior market analyst at City Index.
"Besides, now high levels of inflation are no longer new news, the focus is now shifting to its trajectory and how long it may take to tail off."
"We're hopeful that this is where (inflation is) going to peak," Ann Miletti, head of active equity at Allspring Global Investments, told Bloomberg Television.
But she added that markets continued to face the threat of rising rates and the impact of Covid-19 lockdowns in China, which have snarled supply chains.
Both major crude oil contracts were back over $100 per barrel, with Brent topping $105, after Russian President Vladimir Putin vowed to continue the invasion of Ukraine and China partially eased Covid-related curbs.
"Oil seems to be the primary benefactor of Ukraine vs Russia conflict dragging out longer," noted Stephen Innes of SPI Asset Management.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 1.6 percent at 26,755.05 (break)
Hong Kong - Hang Seng Index: DOWN 0.18 percent at 21,281.78
Shanghai - Composite: DOWN 0.32 percent at 3,202.98
Brent North Sea crude: UP 0.56 percent at $105.23 per barrel
West Texas Intermediate: UP 0.53 percent at $101.13 per barrel
Euro/dollar: DOWN at $1.0832 from $1.0864
Pound/dollar: UP at $1.3007 from $1.3006
Euro/pound: DOWN at 83.28 pence from 83.53 pence
Dollar/yen: UP at 125.63 yen from 125.61 yen
New York - Dow: DOWN 0.3 percent at 34,220.36 (close)
London - FTSE 100: DOWN 0.6 percent at 7,576.66 (close)
-- Bloomberg News contributed to this report --
L.Peeters--CPN