Sea shipping containers are loaded onto international freighters at Tokyo International Cargo Terminal.
Yoshikazu Tsuno | AFP | Getty Images
Asia-Pacific stocks rose sharply on Thursday after Japan’s GDP growth exceeded expectations, and Wall Street stocks also rose overnight after U.S. inflation data was in line with market expectations.
The U.S. Bureau of Labor Statistics said on Wednesday that U.S. consumer prices increased 2.9% annually, down from 3% in June and the lowest level since March 2021. A month-on-month increase of 0.2%.
Economists surveyed by Dow Jones expected a quarterly increase of 0.2% and an annual increase of 3%.
Asian traders will assess July data on Chinese retail sales, industrial output and urban unemployment.
Japan’s second quarter gross domestic product It beat market expectations on a quarterly basis, rising 0.8%, while economists polled by Reuters had forecast a 0.5% rise.
This was also a reversal from a revised 0.6% decline in the first quarter.
However, compared with the same period last year, the country’s GDP fell for the second consecutive quarter, falling by 0.8%, continuing the 0.9% contraction in the first quarter.
Japanese Nikkei 225 Index Stocks rose 0.6%, with the Topix gaining 0.9%.
Australia’s S&P/ASX 200 index rose 0.6%.
Hongkong Hang Seng Index The futures index was at 17,009 points, lower than the Hang Seng Index’s last closing point of 17,113.36 points.
Markets in South Korea and India were closed for public holidays.
Overnight, all three major U.S. stock indexes rose after the release of inflation data, with the Dow Jones Industrial Average rising 0.61%.
The S&P 500 rose 0.38%, posting its fifth straight session of gains, while the Nasdaq reversed early losses to close 0.03% higher.
—CNBC’s Brian Evans and Jesse Pound contributed to this report.
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