Asian markets settle mostly down on Thursday

11 Apr 2024 Evaluate

Asian markets settled mostly down on Thursday tracking Wall Street’s losses overnight as hotter-than-expected US inflation data fuelled uncertainty over the pace of Federal Reserve interest rate cuts this year. Data showed that US consumer inflation rose 0.4% month-on-month in March, while the annual inflation came in at 3.5%. Both exceeded forecasts for a score of 0.3% month-on-month gain and 3.4% year-over-year rise. Excluding volatile food and energy components, the core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year earlier, compared with respective estimates for 0.3% and 3.7%. Japanese stocks declined as a spike in bond yields triggered selling pressure in technology and property stocks. However, Chinese shares gained as data showed consumer prices rose 0.1% year-on-year in March, missed expectations for a gain of 0.4% and slowing from 0.7% in the previous month. Additionally, the producer-price index fell 2.8% in March from a year earlier, in line with market expectations. Stock markets of Indonesia and Malaysia are closed for Id-Ul-Fitr (Ramadan Eid).

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,034.25	6.92	0.23
Hang Seng	17,095.03	-44.14	-0.26
Jakarta Composite	--	--	--
KLSE Composite	--	--	--
Nikkei 225	39,442.63	-139.18	-0.35
Straits Times	3,227.61	-9.91	-0.31
KOSPI Composite	2,706.96	1.80	0.07
Taiwan Weighted	20,753.22	-10.31	-0.05

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