Investing.com - Most Asian stocks followed their U.S. counterparts higher following the release of Chinese inflation data on Tuesday.
In Asian trading Tuesday, Japan’s Nikkei 225 climbed 1.12% after the Bank of Japan said that Japan’s M2 money supply rose by a seasonally adjusted 3.8% in June following a 3.5% increase in May. May’s figure was revised up from a 3.4% increase. Analysts expected a June increase of 3.4%.
That data point helped USD/JPY trade modestly higher as trades suspect rising interest rates in the U.S. could stoke further downside for the yen.
Hong Kong’s Hang Seng inched up 0.02% while the Shanghai Composite fell 0.25% after after China’s National Bureau of Statistics said annual consumer inflation there rose to 2.7% in June from May's reading of 2.1%. The report said that China's producer prices fell 2.7% last month following a 2.9% decline in May.
Economists expected consumer inflation of 2.5% and factory prices to fall 2.7%. CPI fell 0.2% on a month over month basis. Economists expected a flat reading.
While the Chinese data points pressured the Australian dollar stocks in the world’s 12th-largest economy rallied with the S&P/ASX 200 gaining more than 1%.
New Zealand’s NZSE 50 rose 0.26%, also helped by the Chinese data. Like Australia, New Zealand counts China, the world’s second-largest economy, as its largest export market.
South Korea’s Kospi added 0.27%. On Monday, Citigroup recommended an overweight position on South Korean stocks, saying that the MSCI Emerging Markets Index could jump 27% in the next 12 months.
Singapore’s Straits Times Index added 0.41% while S&P 500 futures rose 0.27% a day after the benchmark U.S. index advanced 0.53%.
In Asian trading Tuesday, Japan’s Nikkei 225 climbed 1.12% after the Bank of Japan said that Japan’s M2 money supply rose by a seasonally adjusted 3.8% in June following a 3.5% increase in May. May’s figure was revised up from a 3.4% increase. Analysts expected a June increase of 3.4%.
That data point helped USD/JPY trade modestly higher as trades suspect rising interest rates in the U.S. could stoke further downside for the yen.
Hong Kong’s Hang Seng inched up 0.02% while the Shanghai Composite fell 0.25% after after China’s National Bureau of Statistics said annual consumer inflation there rose to 2.7% in June from May's reading of 2.1%. The report said that China's producer prices fell 2.7% last month following a 2.9% decline in May.
Economists expected consumer inflation of 2.5% and factory prices to fall 2.7%. CPI fell 0.2% on a month over month basis. Economists expected a flat reading.
While the Chinese data points pressured the Australian dollar stocks in the world’s 12th-largest economy rallied with the S&P/ASX 200 gaining more than 1%.
New Zealand’s NZSE 50 rose 0.26%, also helped by the Chinese data. Like Australia, New Zealand counts China, the world’s second-largest economy, as its largest export market.
South Korea’s Kospi added 0.27%. On Monday, Citigroup recommended an overweight position on South Korean stocks, saying that the MSCI Emerging Markets Index could jump 27% in the next 12 months.
Singapore’s Straits Times Index added 0.41% while S&P 500 futures rose 0.27% a day after the benchmark U.S. index advanced 0.53%.