Asia-Pacific markets traded mixed after the NASDAQ Composite extended gains for a second day on Wall Street. Technology stocks helped the index skirt losses Monday as traders added to bets that inflation may be easing.
In Japan, markets returned from a long weekend in a big way, as the Nikkei 225 sprinted 201.71, or 0.8%, to 26,175.56, as consumer prices in Japan’s capital city rose 4% in December on an annualized basis, beating expectations for a 3.8% rise. The Japanese yen slightly weakened to 132.17 against the U.S. dollar, which reached a seven-month low earlier in the week.
In Hong Kong, the Hang Seng dropped 56.88 points, or 0.3%, to 21,331.46.
Investors digested South Korea’s latest current account balance data from November, which shifted from a surplus to a deficit for the first time since August.
CHINA
In Shanghai, the CSI 300 inched up 4.35 points, or 0.1%, to 4,017.47.
UBS expects to see some expansion for these Chinese Internet companies, such as Alibaba, Tencent and Meituan, but one expert says it will be limited.
According to a Bain report, online penetration growth in China slowed down in the first three quarters of 2022, with traditionally high-penetration categories such as personal care declining slightly.
In other markets
In Taiwan, the Taiex obtained 50.75 points, or 0.3%, to 14,802.96.
In Korea, the Kospi index eked up 1.12 points, or 0.1%, to 2,351.31.
In Singapore, the Straits Times Index faded 42.76 points, or 1.3%, to 3,262.91.
In New Zealand, the NZX 50 gained 18.81 points, or 0.2%, to 11,665.26.
In Australia, the ASX 200 slid 20.33 points, or 0.3%, to 7,131.
