Bank of Japan Governor Kazuo Ueda speaks at a ceremony to issue new yen banknotes at the Bank of Japan headquarters in Tokyo on July 3, 2024.
STER | AFP | Getty Images
Asia-Pacific markets were mixed on Wednesday as investors awaited the Bank of Japan’s interest rate decision and assessed business activity data from China.
Economists polled by Reuters expect the bank to keep rates at their current range, but others expect a rate hike. The Bank of Japan’s base interest rate is currently in the range of 0% to 0.1%.
If the bank raises interest rates, it will mark for the first time since 2010 The base interest rate is stable at 0.1% or higher.
china factory Activity shrinks slightly faster The official manufacturing PMI was 49.4 in July, down from 49.5 in June. However, the number exceeded forecasts in a Reuters poll, which expected a PMI of 49.3.
Australian Inflation in the second quarter It rose 1% from the previous quarter, and inflation increased by 3.8% annually.
Inflation in June was 3.8%, in line with expectations and down from 4% in May.
Weak inflation data could open up the possibility of a rate cut by the Reserve Bank of Australia, or at least prevent it from raising rates, which is one course of action This was discussed at the last monetary policy meeting.
Japan’s Nikkei 225 Index Ahead of the BOJ’s decision, the index fell 0.94%, while the Kospi fell 0.4%. National retail sales June growth was 3.7% from a year earlier, exceeding the 3.2% growth expected by economists polled by Reuters.
Korean Cospi The stock price rose 0.17%, with heavyweight Samsung Electronics rising 0.49%. The company reported an annual increase of 1,458.2% in second-quarter operating profit. The small-cap Kosdaq was close to flat.
Australia’s S&P/ASX 200 index rose 1.19%, leading Asian markets.
Hongkong Hang Seng Index The CSI 300 Index rose 0.42%, while the CSI 300 Index fell slightly.
In addition, the Securities Regulatory Commission has Replacement of Vice Chairman Fang Xinghai took a photo with Li Ming, director of the Supervision Bureau. Mr. Fang has served as Vice Chairman of the China Securities Regulatory Commission since 2015. Reports say Fang is retiring.
Overnight in the United States, the S&P 500 was lower on losses in large technology stocks as investors awaited quarterly reports from such stocks. Traders are also turning their attention to Washington as the Federal Reserve begins its latest policy meeting.
Nvidia shares fell 7%, and Microsoft shares fell about 0.9%. Tech-related giants Amazon, Netflix and Meta Platform also fell.
The broader market index fell 0.5%, and the Nasdaq fell 1.28%. In comparison, the Dow Jones Industrial Average rose 0.5%.
—CNBC’s Pia Singh and Yun Li contributed to this report.
About The Author
