A row of trucks is parked outside a freight terminal in Yokohama, Japan, on Monday, December 4, 2023.
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Asia-Pacific markets fell on Friday, reflecting losses on Wall Street on higher-than-expected producer price inflation data.
this producer price indexA measure of wholesale inflation rose 0.4% in November, above Dow Jones’ estimate of 0.2%. On an annual basis, PPI rose 3%, the largest increase in the 12 months to February 2023.
In Asia, investors began to weigh China’s stimulus promises on Thursday as Beijing confirmed recent policy shifts and highlighted plans to boost growth after a high-profile meeting.
Investors also assessed the Bank of Japan’s Tankan survey, which showed higher-than-expected optimism among Japan’s largest manufacturers.
The Tankan index of large manufacturing companies climbed to 14 in the quarter ended December, up from 13 in the September quarter and exceeding the 12 expected by economists polled by Reuters.
The index tracks the business confidence of Japan’s largest companies and helps the Bank of Japan consider it when formulating monetary policy. Higher numbers mean there are more optimists than pessimists, and vice versa.
India will also release wholesale inflation data for November later in the day. Economists polled by Reuters expected India’s wholesale inflation to fall to 2.2% from 2.36% in October. Data released on Thursday showed the country’s consumer inflation rate eased from a 14-month high.
Hong Kong’s Hang Seng Index futures were quoted at 20,219 points, opening weaker than the Hang Seng Index’s closing point of 20,397.05 points.
Japan’s benchmark Nikkei 225 Index It fell by 0.71%, while the Topix Index fell by a larger 0.85%.
South Korea’s Kospi fell 0.22%, but the small-cap Kosdaq was slightly above the flat line.
Australian S&P/ASX 200 Index It opened down 0.66% that day.
All three major U.S. stock indexes fell overnight, with the Dow Jones Industrial Average falling 0.53%, falling for the sixth consecutive trading day.
The technology-heavy Nasdaq fell back from the 20,000-point mark, down 0.66%, while the broader S&P 500 fell 0.54%.
—CNBC’s Sean Conlon and Hakyung Kim contributed to this report.
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