Asia Pacific markets slipped in early trade on Friday, following a mixed overnight on Wall Street where coronavirus concerns pushed investors into tech stocks. Australia's benchmark ASX 200 fell 0.45%, with most sectors trading lower. The heavily-weighted financials subindex was down 0.65% while the energy subindex declined 1.57%. The Nikkei 225 in Japan was fractionally lower while the Topix index fell 0.35%. In South Korea, the Kospi index was down 0.39%. "Coronavirus anxiety dominated market sentiment in a day where major economic releases were scarce," Kishti Sen, an economist at ANZ Research, wrote in a morning note about the overnight session. "That left the focus on the high frequency data and daily COVID-19 news," Sen said. Infection cases in the United States rose with California and Florida among 12 states
Shares in Asia Pacific were set to trade higher on Thursday as investors await the release of Chinese inflation data.Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 22,560 while its counterpart in Osaka was at 22,490. That compared against the Nikkei 225's last close at 22,438.65.Stocks in Australia were also set to see a positive start to their trading day. The SPI futures contract was at 5,941, as compared to the S&P/ASX 200's last close at 5,920.30.Chinese June inflation data is set to be released later on Thursday, with the Consumer Price Index (CPI) and Producer Price Index (PPI) for that month expected to be out at around 9:30 a.m.
Turkey's lira this week slipped to its weakest level since hitting a record low in early May after inflation for the month of June was reported at 12.6%, a figure that topped economists' expectations. With rapidly shrinking foreign reserves to prop up the currency, inflation and currency devaluation are showing no signs of a turnaround, analysts say. The lira is still "overvalued" right now even despite its current weakness, Can Selcuki, managing director of Istanbul Economics Research, told CNBC this week, citing rising inflation and the government's dearth of reserves. June's inflation figure was up from 11.4% in May, and the highest since August of 2019, rising steadily from 8.6% last October."Add to this, the increasing foreign denominated debt, it
Stocks in Asia Pacific traded mixed on Tuesday morning as investors await the Reserve Bank of Australia's interest rate decision.In Japan, both the Nikkei 225 slipped 0.31% while the Topix index shed 0.33%. South Korea's Kospi advanced 0.77%, with shares of LG Chem up more than 3%.Over in Australia, the S&P/ASX 200 gained 0.95%.Overall, the MSCI Asia ex-Japan index traded 0.23% higher.The Reserve Bank of Australia (RBA) is expected to announce its interest rate decision at about 12:30 p.m. HK/SIN on Tuesday."The RBA this afternoon can confidently expected to be on hold as it continues to assess the outlook, where even in its best-case upside scenario, full economic recovery will take years," Ray Attrill, head of foreign exchange strategy at National Australia Bank, wrote