China Leads Gains in Asia

Shares in Asia Pacific were higher on Thursday as Chinese inflation data for June was released.

In Japan, the Nikkei 225 index regained 90.64 points, or 0.4%, to 22,529.29, as shares of conglomerate Softbank Group soared 4.5%

The Japanese yen traded at 107.22 per U.S. dollar after strengthening from levels around 107.7 yesterday.

In Hong Kong, the Hang Seng index advanced 80.98 points, or 0.3%, to 26,210.16, with shares of Chinese tech juggernaut Alibaba soaring 9.6%.

The coronavirus pandemic also likely continued weighing on investor sentiment as the number of cases in the U.S. surpassed the three million mark, according to Johns Hopkins University. As cases and deaths rise, data compiled by Apple Maps shows driving activity is slowing down across the country, which could be a warning sign for the economic comeback.

Globally, more than 11.88 million people have been infected while at least 545,398 lives have been taken, according to data compiled by Johns Hopkins University.

The Australian dollar was at $0.6991 after rising from levels below $0.696 yesterday.

CHINA

In Shanghai, the CSI 300 tacked on 66.77 points, or 1.4%, to 4,840.77.

The moves regionally came following the release of China’s June inflation data.The producer price index slipped 3% year-on-year, according to data from China’s National Bureau of Statistics. That compared against expectations of a 3.2% decline in a poll of analysts.

Meanwhile, the consumer price index rose 2.5% as compared with a year ago, in line with expectations.

In other markets

In Korea, the Kospi restocked 9.02 points, or 0.4%, to 2,167.90

In Singapore, the Straits Times Index surrendered 16.84 points, or 0.6%, to 2,652.65

In Taiwan, the Taiex index moved higher 22.5 points, or 0.2%, to 12,192.69

In New Zealand, the NZX 50 tumbled 266.39 points, or 2.3%, to 11,440.89.

In Australia, the ASX 200 recovered 35.15 points, or 0.6%, to 5,955.46.