This is CNBC Live Blog covering Asia-Pacific markets.
Asia-Pacific stocks are expected to rise Friday, after more U.S. inflation data came in lower than expected. This has raised optimism that the inflation rate could fall without affecting the labor market.
Bill Merz is the senior investment director of U.S. Bank Wealth Management. He said, "The majority of stock and bond indexes rose today due to economic data that indicates inflation has dropped quickly and labor market remains solid."
Report on June's Producer Price Index
The June increase was less than expected, with a 0.1% rise year-on-year, as opposed to the 0.2% that economists polled at Dow Jones had predicted. The Core PPI (which excludes volatile energy and food prices) rose by 0.1%, also below expectations.
The Japanese language is the
The futures contract for Chicago is at 32.885, while the counterpart for Osaka is at 32.750, compared to its previous close of 32.419.33.
Hang Seng index
Likewise, the HSI futures are expected to continue their rally after gaining more than 2.5% Thursday. HSI Futures were at 19,584 compared with the HSI closing price of 19,560.57.
In Australia, however, futures are available for the
Point at a lower opening and were at 7,243. This is slightly lower than the last close of the index at 7,246.9.
Overnight, in the U.S. all three major indices registered a fourth consecutive day of gains.
Then, there is the
Closed at the highest level in more than a year.
The S&P 500 rose 0.85% while the
Dow Jones Industrial Average
The added 0.14%. The
Gained the most, 1.58%.
Hakyung Kim of CNBC and Samantha Subin have contributed to this report
The Producer Price Index rose less than expected
In June, the producer price index (a measure of wholesalers' prices) rose by 0.1%. Dow Jones polled economists who expected a 0.2% increase. Core PPI (which excludes volatile food and fuel prices) grew by 0.1%, also lower than expected.
S&P 500 is up by more than 3% after rate hikes began
The S&P 500 has now risen by 3.3%, another positive sign for the stock market since the Fed began raising rates in March of 2022. The central bank's move is welcomed by traders who are hopeful that it will be able to control inflation without causing the economy to enter a recession.
For the first time since 2023, we are being asked by several clients if they think that the S&P 500 will reach an ATH in 2019. John Flood, a Goldman Sachs analyst, wrote in a Wednesday note that he believes the answer is yes.
Bullard, St. Louis Fed's Bullard, steps down
The St. Louis Federal Reserve has announced Thursday
Jim Bullard, President of the United States, will be stepping down on August 14.
He will be leaving the bank to become dean of Purdue University’s Mitchell E. Daniels Jr. School for Business on August 15. Bullard "has ceased public speaking and has retired from his role as a monetary policy expert on the Federal Reserve’s Federal Open Market Committee, and other duties related to that."
Bullard stated in a press release that it was both an honor and a privilege to have been a part of the St. Louis Fed over the past 33 years. He also served as its president during the last 15 years. "I'm also grateful for having worked with such dedicated and inspirational colleagues throughout the Federal Reserve System."
Bullard does not have a vote in the policymaking committee for this year.
The U.S. Stock Market rallied on Thursday was broad and deep
According to FactSet, the New York Stock Exchange is seeing a gain of almost 2.4 stocks for every one decline. The volume advancing approaches 71%, while declining volume falls below 29%. 167 new NYSE highs have been recorded compared to only 11 new NYSE lows.
On the Nasdaq, there are almost two stocks rising for each one that is falling. Up volume is just a little less than 73% and it's far greater than down volume, which is less than 27%. Nasdaq's new highs are 256, while its new lows are only 52.
-- Scott Schnipper