World news

Asia markets live updates: Japan CPI, Apple lawsuit

A customer picks up a seasoning at a supermarket in Tokyo on February 27, 2024.

Kazuhiro Nogi | Afp | Getty Images

Nikkei 225 crossed 41,000 to hit a fresh all-time high on Friday as Japan inflation accelerated in February, while other Asia-Pacific markets declined.

Japan’s headline inflation rate for February came in at 2.8%, climbing from the 2.2% seen in February. Core inflation — which strips out prices of fresh food — was at 2.8% compared with 2% in the previous month.

The BOJ, in its monetary policy statement on Tuesday said that “the price stability target of 2 percent would be achieved in a sustainable and stable manner.”

Japan’s Nikkei 225 rose 0.48% to 41,011, while the Topix, which also hit a fresh record, was last up 0.77%.

South Korea’s Kospi fell 0.12%, a reversal after leading gains in Asia on Thursday, and the small-cap Kosdaq was down 0.23%.

Hong Kong’s Hang Seng index plunged 1.26%, after the index gained almost 2% on Thursday. Mainland China’s CSI 300 was also down 0.27%.

In Australia, the S&P/ASX 200 slipped 0.36%, while the Taiwan Weighted Index traded close to the flatline after its central bank raised rates in a surprise move on Thursday

Overnight in the U.S., all three major indexes hit fresh records, continuing the rally from Thursday after the U.S. Federal Reserve held rates steady and maintained its rate cut forecast for 2024.

The Dow Jones Industrial Average jumped 269.24 points, or 0.68%, to close at 39,781.37. The S&P 500 advanced 0.32% to end at 5,241.53, while the Nasdaq Composite edged up 0.20% to finish at 16,401.84.

“People have faith in the Fed right now, and that cuts are coming,” said Jay Woods, chief global strategist at Freedom Capital Markets. “We are in a good place, and the market believes in the smooth landing narrative. Whatever the Fed is saying continues to be the music to the ears of the market.”

— CNBC’s Samantha Subin and Alex Harring contributed to this report

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button