Asia stock markets: Australia CPI, Tokyo CPI

Asia stock markets: Australia CPI, Tokyo CPI
Business

A cafe at the Royal Arcade, Bourke Street Mall, in Melbourne, Australia.

Education Images | Universal Images Group | Getty Images

Asia-Pacific markets mostly fell on Monday, ahead of inflation data from Australia and Japan later this week.

Special attention will be paid to Australia’s May consumer price index figures on Wednesday, after Reserve Bank of Australia Governor Michelle Bullock revealed the central bank discussed hiking rates at its last meeting.

Should inflation come in higher than expected and spur the RBA to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan.

The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Australia’s S&P/ASX 200 fell 0.61%.

Japan’s Nikkei 225 was up 0.19%, while the Topix was 0.3% higher, the only major benchmarks in Asia in positive territory.

On Monday, the Bank of Japan revealed it discussed raising its interest rate during its June monetary policy meeting. It said, however, “any change in the policy interest rate should be considered only after economic indicators confirm that, for example, the CPI inflation rate has clearly started to rebound and medium to long-term inflation expectations have risen.”

Last week, BOJ Governor Kazuo Ueda reportedly told the country’s parliament that the central bank could raise rates as soon as its July meeting.

South Korea’s Kospi dipped 0.72%, and the small-cap Kosdaq was 1% lower.

Hong Kong Hang Seng index was down 0.87%, and the mainland Chinese CSI 300 lost 0.64%.

On Friday in the U.S., the S&P 500 ticked lower as shares of market bellwether Nvidia pulled back for a second day.

Nvidia shares declined 3.2%. On Thursday, the stock hit an all-time high before closing more than 3% lower. 

Overall, the S&P fell 0.16%, while the Nasdaq Composite dipped 0.18%. The Dow Jones Industrial Average edged up 0.04%.

“Technology stocks continue to be in the spotlight,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “I can’t remember a time when one single stock … has been so influential on the market, and that’s really been a key driver of the market action as of late.”

—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.

Read original article here.

Products You May Like

Articles You May Like

Amazon Products We Love | FashionBeans
‘Sing Sing’, ‘Touch’ & ‘Indian 2’ At The Specialty Box Office
Cerebral Cortex of Developing Human Brain Mapped Using High-Quality MRI Scan Data
Global Warming Triggered Reptile Boom Millions of Years Ago: Says Study
33 Funniest Lines From The Mummy Franchise That Still Crush