Japan leads gains in Asia as China’s January inflation slows more than expected
SINGAPORE — Shares in Asia-Pacific rose in Wednesday trade, as tensions appeared to ease between Russia and Ukraine, boosting markets. Investors reacted negatively to the weaker than expected Chinese inflation data.
Japan’s Nikkei 225Afternoon trade saw a jump of 2.06%. This was a significant gain among major regions, and the Topix index also gained 1.56%.
China’s Consumer Price Index for January increased 0.9% compared with a previous year, which is slightly below expectations from Reuters Poll for a 1.0% rise.
Also, Chinese producer inflation was lower than expected in January. According to a Reuters poll, a rise of 9.1% in the producer price index was expected for January. This is lower than what had been predicted by 9.5%.
MSCI’s Asia-Pacific share index outside Japan was 1.01% more.
Elsewhere, Russia’s government announced TuesdayMoscow may be starting to send some soldiers back at the Ukrainian border. But NATO’s chief has warned that there is no sign that NATO will see any de-escalation from Russia.
Overnight on Wall Street, the Dow Jones Industrial Average jumped 422.67 points to 34,988.84 while the S&P 500 climbed 1.58% to 4.471.07. The Nasdaq Composite rose 2.53%, to 14,139.76.
It U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.057 — against an earlier low of 95.955.
It Japanese yenThe dollar traded at 115.68, which is still lower than the 115.2 levels seen earlier in this week. The Australian dollarThe price was $0.715, which was largely maintaining gains from the bounce of $0.711 earlier in week.
The afternoon Asia trading hour saw oil prices fall, with an international benchmark Brent crude futuresA barrel will cost $93.16, or 0.13% less. U.S. crude futuresThe flatline was below, with barrels trading at $92.05 each.