Asian stock markets: Australian CPI, Tokyo CPI

A cafe at the Royal Arcade, Bourke Street Mall, in Melbourne, Australia.

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Asia-Pacific markets were mostly lower on Monday as investors awaited inflation data from Australia and Japan later this week.

Australia’s May consumer price index, on Wednesday, will be in focus after Reserve Bank of Australia Governor Michelle Bullock revealed Central banks discuss raising interest rates at its last meeting.

If inflation picks up higher than expected and prompts the RBA to raise interest rates, it will be the first major central bank in Asia-Pacific to do so in an environment where investors are waiting for the interest rate cuts, except Japan.

The RBA has two inflation readings to consider – June 26 and July 31 – before its next meeting on August 6.

of Australia S&P/ASX 200 decreased by 0.65%.

Japanese Nikkei 225 rose 0.24%, while Topix was 0.26% higher, the only major index in Asia in positive territory.

On Monday, Bank of Japan revealed it had discussed raising interest rates in the June monetary policy meeting. However, they said “any change to the policy rate should only be considered after economic indicators confirm that, for example, the inflation rate CPI has clearly begun to recover and medium- and long-term inflation expectations have increased.”

Last week, BOJ Governor Kazuo Ueda reported told the country’s parliament that the central bank could raise interest rates as soon as its July meeting.

Hong Kong Hang Seng Index fell 1.1% and mainland China’s CSI 300 lost 0.5%. China reported financial revenue decreased by 2.8% The first 5 months of 2024 compared to 2023, up from a 2.7% annual decline from January to April.

In May alone, financial revenue fell 3.2% over the same period last year, a softer decline than the 3.7% drop in April.

South Korea’s Kospi fell 0.82% and small-cap Kosdaq was 1.08% lower.

On Friday in America, S&P 500 lower mark like bellwether market shares Nvidia back to the second day.

Nvidia shares fell 3.2%. On Thursday, shares hit an all-time high before closing 3% lower.

Overall, the S&P fell 0.16%, while Nasdaq composite decreased by 0.18%. The Dow Jones Industrial Average increased by 0.04%.

“Tech stocks continue to gain traction,” said Emily Roland, co-investment strategist at John Hancock Investment Management. “I can’t remember a time when a single stock… has had so much influence on the market and it’s really been the main driver of market performance to date. ”

—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.


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