Asian shares mixed as Wall St rebounds
Benchmarks fell in Hong Kong, Shanghai, Sydney and Bangkok, but rose in Tokyo and US
image for illustrative purpose
Positive Cues
- Investors ebullient about potential rate cuts
- Forecast of resilient US economy in 2024
- Unemployment data shows marginal rise
Bangkok: Shares were mostly higher in Asia on Friday after several strong profit reports helped Wall Street claw back most of its sharp losses from day before. Benchmarks fell in Hong Kong, Shanghai, Sydney and Bangkok, but rose in Tokyo and Mumbai. US futures fell, while oil prices advanced. Japan’s core inflation rate fell to 2.5 per cent in November from 2.9 per cent a month earlier as energy costs eased, the government reported. The decline, if it augurs further weakening of prices, might counter expectations that the central bank will tighten its lax monetary policy in coming months.
Bank of Japan (BoJ) officials have indicated they want to ensure inflation is sustained near a 2 per cent target level and that wages are also rising before adjusting the central bank’s longstanding minus 0.1 per cent benchmark interest rate. “Nonetheless, it would be wrong to conclude that inflationary pressures are now firmly on the decline,” Marcel Thieliant of Capital Economics said in a commentary.
