US inflation data, earnings, stocks, currencies, oil

SINGAPORE — Asia-Pacific futures on Friday pointed to a mixed open in the region after clinching strong gains in the previous session as investors digested the US inflation report.

The Chicago Nikkei futures contract was at 28,155 while its Osaka counterpart was at 28,120 as Japan resumes trading after a holiday on Thursday. The Nikkei 225’s last close on Wednesday was 27,819.33.

In Australia, SPI futures were at 6,946, lower than the S&P/ASX 200’s last close of 7,071.

Thailand’s market is closed for a public holiday on Friday.

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Overnight, major indices in the US struggled for direction before a mixed close.

The S&P 500 was marginally lower at 4,207.27, while the Nasdaq Composite was down 0.58% to 12,779.91. The Dow rose 27.16 points, or 0.08%, to 33,336.67. The three major moving averages opened the session higher but lost momentum throughout the day.

“Financial markets initially reacted positively to PPI data, which showed US inflation slowing, but earnings then contracted on concerns the market may have overreacted,” said ANZ Research in a statement Friday.

According to a survey by Dow Jones, the PPI for July fell 0.5% from June compared to an expected increase of 0.2%.

In Corporate News, Credit Suisse has reportedly filed a request to bring formal proceedings against Japanese tech firm SoftBank Group in the English High Court over a $440 million dispute.

currencies

The US Dollar Index, which tracks the greenback against a basket of its peers, came in at 105.090 after falling from above 106 recently.

The Japanese yen traded at 133.06 per dollar after strengthening earlier this week. The Australian dollar traded at $0.7098 and fell just below $0.71.

https://www.cnbc.com/2022/08/12/asia-markets-us-inflation-data-earnings-stocks-currencies-oil.html US inflation data, earnings, stocks, currencies, oil

Joshua Buckhalter

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