SINGAPORE – Japanese stocks rebound as trading resumes, while market share in Asia-Pacific is mostly lower on Friday after surging in the previous session as investors scrutinized the US inflation report.
The Nikkei 225 increased 2.15%, while the Topix index increased 1.86%. The Japanese market was closed on Thursday for a holiday.
In Australia, S&P / ASX 200 0.5% drop.
Korea Kospi flat, while Kosdaq fell 0.37%.
Mainland China market fell. The Shanghai Composite down 0.13% while Shenzhen Ingredients lose 0.25%.
China’s largest chip maker Semiconductor Manufacturing International Joint Stock Company reported a net profit of $514 million for the second quarter of 2022, down 25% year-over-year. Revenue increased 42% to $1.9 billion.
SMIC’s Hong Kong-listed shares fell 1.47%. Wider Hang Seng Index about the apartment.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.21%.
The Thai market is closed for a public holiday on Friday.
Overnight in the US, the major indexes struggled for direction before closing mixed.
The S&P 500 was partially lower at 4,207.27, while the Nasdaq Composite fell 0.58% to 12,779.91. The Dow inched 27.16 points, or 0.08%, higher to 33,336.67. The three major averages opened the session higher but lost ground as the day progressed.
“Financial markets initially reacted positively to Producer Price Index data showing inflation in the U.S. consolidating, but gains have since tapered off due to concerns the market may have overreacted.” , according to a note by ANZ Research on Friday.
PPI for July fell 0.5% from June, compared with an expected 0.2% gain, according to a Dow Jones survey.
In company news, Credit Suisse is said to have applied to initiate formal legal proceedings in the UK Supreme Court against the Japanese technology company SoftBank Corporation on a $440 million dispute.
But SShares of oftBank jumped 6.64% on Friday on news that it will add 4.6 trillion yen ($34.5 billion) to pre-tax profit by reducing its stake in the bank. Chinese tech giant Alibaba. The company said the move will “further strengthen our defenses against a harsh market environment,” according to a press release.
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