Asian markets settle mostly higher on Thursday

13 Jun 2024 Evaluate

Asian markets settled mostly higher on Thursday as soft US inflation data fuelled bets that the US Federal Reserve will lower interest rates in coming months. Data showed that US consumer prices rose 3.3% in the year to the end of May, down 0.1% points from the month before. Although, the latest projections showed officials expect only one interest rate cut this year compared to the three projected in March. Hong Kong shares gained on optimism over Artificial intelligence (AI)’s potential to positively impact businesses. However, Chinese shares declined after the European Commission said it plans to impose provisional duties on imports of Chinese electric vehicles in July. Japanese shares fell ahead of Friday's BOJ policy meeting where the BoJ may consider trimming its bond buying, taking a first key step to reducing its almost $5 trillion balance sheet.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,028.92	-8.55	-0.28
Hang Seng	18,112.63	174.79	0.97
Jakarta Composite	6,831.56	-18.54	-0.27
KLSE Composite	1,610.17	1.22	0.08
Nikkei 225	38,720.47	-156.24	-0.40
Straits Times	3,324.53	17.09	0.51
KOSPI Composite	2,754.89	26.72	0.97
Taiwan Weighted	22,312.04	263.08	1.18

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