Asia markets to rise as S&P 500 marks new 2023 high, China's inflation data expected to remain low
Asian markets are up, the S&P500 is at new highs, and investors are looking to China's inflation numbers for May.
Asia-Pacific market is set to rise as the S&P 500 reached a new record for 2023, and the Dow Jones Industrial Average experienced a third consecutive day of gains.
The U.S. Federal Reserve policy meeting scheduled for June 13-14 will be a key event next week, especially since jobless claims have increased by more than expected and are now at their highest level since October 2021. This could indicate that the labor markets is softening after a year-long period of rate hikes.
Asia investors are watching China's Consumer Price Index for May. The country saw its inflation rate drop to 0.1% in April - the lowest since November 2020. According to a Reuters poll, producer prices are forecast to drop by 4.3% in may, the lowest level since mid-2016.
The Nikkei 225 in Japan continues to hover around 33-year highs despite a recent pause in its rally. The Chicago futures contract was 31,970 and the Osaka counterpart was 31,830, compared to its previous close of 31,641.27.
Futures for Australia's S&P/ASX 200 index were 7,133, a significant increase over the last close of 7,099.7. Hong Kong's Hang Seng Index futures were 19,379, indicating a higher opening compared to HSI last close (19,299.18).
Overnight, in the U.S. all three major indices rose. The Nasdaq Composite led the gains, advancing by 1.02%. Meanwhile, the S&P 500 gained 0.62% and the Dow Jones Industrial Average climbed 0.5%.