From Investing.com: 2024-07-09 22:49:49

Asian stocks remained range-bound on Wednesday as markets digested mixed inflation prints from China and Japan. All eyes were on when the Federal Reserve would start trimming interest rates. U.S. stock index futures were flat, with traders anticipating a September rate cut. Fed Chair Powell’s testimony and key U.S. data were in focus.

Japanese stocks stalled at record highs, with the Nikkei 225 index hitting 41,777.50 points. Recent gains were driven by foreign buying and a dovish outlook for the Bank of Japan. While Japanese inflation slightly increased in June, doubts lingered on whether it would pressure the BOJ into policy tightening.

Chinese stocks had a mixed day as the CPI data disappointed but PPI showed improvement. The Shanghai Composite rose, while the Shenzhen Composite fell. Chinese factories benefited from government stimulus, although overall disinflationary trends persisted. Market sentiment remained cautious amid fears of a trade war with the West.

Broader Asian markets saw limited movement, with Australia’s ASX 200 index falling and South Korea’s KOSPI sinking. However, India’s Nifty index and the S&P BSE Sensex continued to hit record highs, reflecting confidence in the country’s economy, which has been the fastest growing major economy in recent years.



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