Pedestrians walk past Japanese flags decorating streets in the popular tourist district of Ginza as people do last-minute shopping before the New Year holiday in central Tokyo on December 30, 2024.
Richard A. Brooks | AFP | Getty Images
Asia-Pacific markets were set for mostly gains on Wednesday after weaker-than-expected inflation data from the United States sent Wall Street’s two main benchmarks higher overnight.
The producer price index, which measures wholesale inflation, rose just 0.2% in December, according to the Bureau of Labor Statistics. Economists polled by Dow Jones expected growth of 0.4%. Core producer prices, which exclude food and energy, were flat.
Asian investors also assessed Reuters Japan Tankan Survey January’s data reflects the Bank of Japan’s quarterly Tankan survey.
Business confidence among large manufacturers rebounded, with the Tankan index falling into negative territory for the first time in 10 months after being negative 1 in December.
Non-manufacturer optimism edged up to +31 from +30 in December.
benchmark Nikkei 225 Index The Chicago futures contract was at 38,785 points, the Osaka futures contract was last at 38,710 points, and the index’s last closing price was 38,474 points.
Hong Kong’s Hang Seng Index futures were quoted at 19,217 points, opening weaker than the Hang Seng Index’s closing point of 19,219.78 points.
Australian S&P/ASX 200 Index It opened up 0.26% on the day.
Overnight in the United States, the Dow Jones Industrial Average rose 0.52% and the S&P 500 Index rose 0.11% after the PPI report was released to 5,842.91 points. In comparison, the Nasdaq, which is dominated by technology stocks, fell 0.23%.
—CNBC’s Hakyung Kim and Brian Evans contributed to this report.
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