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A vegetables stall in the Haizhu area of Guangzhou, China, on Tuesday, May 9, 2023. China’s consumer inflation slowed to the weakest pace in two years in April while producer prices fell deeper into deflation, reflecting muted domestic demand and softer commodity costs. Source: Bloomberg
Bloomberg | Bloomberg | Getty Images
Asia-Pacific markets are set to rise after the S&P 500 hit a new high for 2023 and the Dow Jones Industrial Average saw a third straight day of gains.
A key focus for next week would be the U.S. Federal Reserve’s policy meeting on June 13 and 14, especially after jobless claims increased more than expected to their highest since October 2021, a potential sign that the labor market is softening up after more than a year of interest rate hikes.
Asia investors will be watching for China’s consumer price index for May, after the country saw its inflation rate sink to just 0.1% in April, it lowest point since November 2020. Producer prices, meanwhile, are expected to fall by 4.3% in May, according to a Reuters survey, which would mark the lowest since mid-2016.
In Japan, the Nikkei 225 continues to hover near 33-year highs despite taking a breather in its rally in recent days. The futures contract in Chicago was at 31,970, and its counterpart in Osaka was at 31,830 against its last close at 31,641.27.
In Australia, futures for the S&P/ASX 200 were at 7,133, higher than the index’s last close of 7,099.7, while Hong Kong’s Hang Seng index futures stood at 19,379, pointing to a higher open compared to the HSI’s last close of 19,299.18.
Overnight in the U.S., all three major indexes climbed higher, with the Nasdaq Composite leading gains and advancing 1.02%, while the S&P 500 was 0.62% higher and the Dow Jones Industrial Average added 0.5%.
— CNBC’s Hakyung Kim and Darla Mercado contributed to this report
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