China inflation data, AI valuations
Panoramic view of Busan, South Korea, taken at sunrise.
Alex Veprik | An | Getty Images
Asia-Pacific markets traded higher on Monday after AI valuation concerns led to declines in markets across the region last week.
Investors in Asia are also analyzing October inflation data from China over the weekend, which came in above expectations.
Headline consumer inflation stood at 0.2% annually, compared with zero growth expectations of economists surveyed by Reuters. Wholesale inflation fell more smoothly than expected, at 2.1% annually, versus the expected 2.2% decline.
South Korea’s kospi While it increased by approximately 3%, led by banks and insurance stocks, small-cap Kosdaq increased by 0.86%.
of japan Nikkei 225 It rose 0.98%, while the broad-based Topix rose 0.33%. The yield on 10-year Japanese government bonds rose to 1.695%, its highest level since October.
Minutes of the Bank of Japan’s October meeting, released on Monday BOJ announced its emergence “It is likely that the conditions for taking another step towards the normalization of policy interest rates have almost been met,” he said, adding that he seemed more likely to raise interest rates in the near term.
But the BOJ said there were other factors to consider, such as the need to examine “the extent to which the underlying inflation rate has consolidated.”
Hong Kong’s Hang Seng index also joined the recovery rally, gaining 0.54%, but China’s CSI 300 index reversed the trend, losing 0.26%.
Australia’s S&P/ASX 200 gains 0.68%
The Nasdaq Composite continued to fall in the US on Friday, but the Dow Jones Industrial Average and S&P 500 moved into positive territory after Senate Minority Leader Chuck Schumer presented Republicans with a new plan to end the record-breaking US government shutdown.
A University of Michigan survey found Friday that consumer confidence in the country is near its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached the highest level in 22 years.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
