On May 12, 2020, a Sydney ferry passed the iconic Opera House against the backdrop of the city’s central business district. Meanwhile, Asia-Pacific markets experienced a downturn on Thursday, influenced by the latest U.S. consumer price index (CPI) data for October, which aligned with forecasts and reinforced expectations for a Federal Reserve rate cut in December. The annual inflation rate rose to 2.6%, while Core CPI, excluding food and energy, increased by 3.3%, meeting expectations.
Hong Kong’s Hang Seng index led regional losses, dropping over 2% as it extended a losing streak, despite a Typhoon warning during open market hours. Mainland China’s CSI 300 fell by 1.82%. In contrast, Australia’s S&P/ASX 200 bucked the trend, rising by 0.37% following job market reports. Australia’s unemployment rate held steady at 4.1%, with employment rising by 15,900, though below the anticipated 25,000. Economist My Bui noted the resilience of Australia’s labor market, expecting the Reserve Bank of Australia to refrain from rate cuts until at least early 2025.
Japan’s Nikkei 225 declined by 0.48%, closing at 38,535.70, while the Topix slid 0.27% to 2,701.22. The yen weakened to its lowest in four months, trading at 155.94 per dollar. South Korea’s Kospi experienced a slight dip, with the Kosdaq shedding nearly 1%, as markets opened later due to college entrance exams.
In the U.S., major indices saw little movement following the inflation report. The S&P 500 edged up by 0.02% to 5,985.38, and the Dow Jones gained 0.11% to 43,958.19, whereas the Nasdaq Composite decreased by 0.26% to end at 19,230.74. The inflation data suggests a high probability of a Fed rate cut next month, with the market estimating an 80.8% chance of a quarter-percentage-point reduction.
Original Story https://www.cnbc.com/2024/11/14/asia-pacific-markets-live-updates-us-october-cpi-australia-unemployment-rate.html
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