Global Markets Today: Asian markets mostly began Wednesday’s session on a positive note, as investors awaited key August inflation data from China.
Economists surveyed by Reuters expect the mainland’s consumer price index for August to decline 0.2 per cent year-on-year, following a flat reading in July. Meanwhile, the producer price index is projected to decline 2.9 per cent year-on-year, easing from the 3.6 per cent contraction recorded in July.
Japan’s Nikkei 225 index began the session up 0.2 per cent, while the Topix remained unchanged.
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In Australia, the S&P/ASX 200 started flat. South Korea’s Kospi gained 0.76 per cent in early trading, and the Kosdaq advanced 0.71 per cent.
Meanwhile, Hong Kong’s Hang Seng Index was poised to open higher, with futures at 25,957 compared to the previous close of 25,938.13.
Wall Street’s major indexes closed at record highs on Tuesday, with UnitedHealth leading the gains, while a downward revision in payrolls bolstered expectations that the Federal Reserve could soon cut interest rates to support economic growth.
Markets have already factored in a 25-basis point rate cut at the Fed’s policy meeting next week, while futures indicate nearly a 10 per cent probability of a deeper 50-basis point cut, according to CME’s FedWatch tool.
The S&P 500, Nasdaq, and Dow Jones Industrial Average all notched new all-time highs, continuing a rally this year driven by enthusiasm over artificial intelligence and hopes of lower borrowing costs.
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The S&P 500 advanced 0.27 per cent to 6,512.61, topping its previous record from last Thursday. The Nasdaq rose 0.37 per cent to 21,879.49, marking a second straight record close, while the Dow climbed 0.43 per cent to 45,711.34, surpassing its August 28 closing peak.
This week, investor attention will be on the producer inflation data due Wednesday and consumer price figures on Thursday, as they assess the impact of Trump’s tariff measures and the potential justification for more aggressive rate cuts.
(With inputs from agencies)
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