AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- The equity markets in APAC have opened on a mixed note.
- Australia’s ASX200 is the biggest gainer.
- US inflation woes weigh heavy on the market.
The equity markets in the Asia Pacific (APAC) region were a mixed bag on Wednesday as a faster-than-expected rise in US retail inflation dampened investor sentiments.
In far east Japan, the Nikkei 225 slipped 21 basis points while the Topix index was hovering around the flat line – up 7 basis points. In neighbouring South Korea, the benchmark – KOPSI – was down 27 basis points.
In Mainland China, the Shanghai composite opened with a loss of 69 basis points, while the Shenzhen component was trading down by 47 basis points. The Hang Seng Index, in the Chinese autonomous region of Hong Kong, was also trading in the red – down 32 basis points. The losses in Chinese indices came after the US warned the businesses having supply chain or investment ties to northwestern Xinjiang region in China, of legal consequences.
Australia was trading in the green, however, and the highest gainer among the major markets in the region. In Australia, the benchmark ASX200 was trading 40 basis points higher.
Meanwhile in Singapore, the Strait Times Index was down 14 basis points, despite the country reporting healthy growth numbers. Singapore’s economy grew 14.3% year-on-year – 10 basis points more than the market estimates -- in the second quarter, official advanced estimates showed Wednesday.
However, the economy of the country shrank 2% on a sequential basis, Singapore’s Ministry of Trade and Industry said in a statement.
Meanwhile in Wall Street, the Dow Jones Industrial Average declined 107.39 points to 34,888.79 overnight, while the S&P 500 slipped 35 basis points to 4,369.21 overnight. On the other hand, the Nasdaq Composite dipped 38 basis points to 14,677.65.
The losses in the States came after the US Labour Department said on Tuesday that in June, inflation surged at its fastest pace in nearly 13 years. Retail prices increase 5.4% in June 2021, when compared with a year earlier — the largest monthly gain since August 2008.
