Asia-Pacific stocks were largely higher in Thursday trade as investors reacted to the release of China’s inflation data for September.
In Japan, the Nikkei 225 barged ahead 410.65 points, or 1.5%, to 28,550.93.
The Japanese yen traded at 113.40 per U.S. dollar, weaker than levels below 112.5 seen against the greenback earlier this week.
Markets in Hong Kong were closed on Thursday for a holiday.
Singapore’s Straits Times index gained 0.24% in the afternoon, recovering from earlier losses after the country’s central bank unexpectedly tightened monetary policy on Thursday.
Official advance estimates also showed Thursday that Singapore’s economy grew 6.5% year-on-year in the third quarter of 2021. That was largely in line with expectations from economists in a Reuters poll, who had expected a 6.6% year-on-year expansion for the third quarter.
The Australian dollar changed hands at $0.7405, above levels below $0.735 seen yesterday.
CHINA
In China, the CSI 300 inched up 8.44 points, or 0.3 %, to 4,913.61.
Producer inflation surged in September, official data showed Thursday. The producer price index for September soared 10.7% as compared with a year ago, slightly above expectations in a Reuters poll for a 10.5% increase.
China’s consumer price index also rose 0.7% in September as compared with a year ago. That was slightly below the 0.9% on-year increase as forecast in a Reuters poll.
The persistent inflationary pressure also limits the People’s Bank of China’s scope for monetary policy easing, experts warned.
PBOC Governor Yi Gang said Wednesday that inflation in China is moderate overall, according to a Thursday post on the Chinese central bank’s website.
In other markets
In Taiwan, the Taiex recovered 39.29 points, or 0.2%, to 16,387.26.
In Korea, the Kospi index gained 44.23 points, or 1.5%, to 2,988.64
In Singapore, the Straits Times captured 8.44 points, or 0.3%, to 3,164.86
In New Zealand, the NZX 50 surged 23.31 points, or 0.2%, to 13,048.49
In Australia, the ASX 200 recouped 39.19 points, or 0.5%, at 7,311.73
