Asian Markets Showed Mixed Performance Amidst US Inflation reports and Fed’s Policy Meeting

Asian stocks had a mixed performance amidst a week packed with several key US inflation reports and a Federal Reserve policy meeting.

Sophia Cruz•Tuesday, June 11, 2024•1 min read

US inflation is expected to remain steady at 2.9%

In today’s trading, Asian stocks had a mixed performance amidst a week packed with several key US inflation reports and a Federal Reserve policy meeting. US futures and oil prices declined.

Asian Markets Showed Mixed Performance Amidst US Inflation reports and Fed’s Policy Meeting

The key decision was anticipated to follow the release of the May inflation report, potentially affecting global economic outlooks.

“Asian markets are closely evaluating the impact of right-wing parties’ success in the European Union and its potential effects on the bloc’s unity,” said TickMill market analyst Patrick Munnelly.

Munnelly also noted that Japan, South Korea, and Taiwan saw gains in Asian markets, while China declined under post-payroll pressure following a Monday holiday.

In Tokyo, the Nikkei 225 index went up by 0.1% to 39,092.32 as investors awaited the results of a Bank of Japan meeting. In March, the central bank raised its benchmark interest rate from 0 to 0.1% from -0.1% its first increase in 17 years.

Chugai Pharmaceutical surged by 3.47% Ebara climbed by 3.44%, and Taiyo Yuden rose by 3.35%. Meanwhile, the broader Topix index slipped slightly by 0.2% to 2,776.80

Market analysts indicated that markets were anticipating two rate hikes by the end of the year, with widespread expectations for additional increases as early as July.

Hong Kong’s Hang Seng dropped 1.1% to 18,165.21, and the Shanghai Composite fell 0.9% to 3,023.46 after reopening following a public holiday. In contrast, the Shenzhen Component went up by 0.07% to 9,262.35

South Korea’s Kospi index rose by 0.15% to 2,705.32. The index was bolstered by substantial gains from Posco International, which soared by 14.13%, Hanwha Solutions, up by 8.74%, and Lotte Chemical Corporation, rising by 8.61%.

In Australia, the S&P/ASX 200 fell 1.4% to 7,748.30, while South Korea’s Kospi edged up by 0.3% to 2,709.87.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.