Geopolitical tensions weigh on Asia stocks, Nikkei drops on strong inflation data

From Investing.com: 2024-11-28 22:12:41

Most Asian stocks fell on Friday as tensions in Russia-Ukraine war weighed on risk appetite. Japan’s Nikkei dropped as yen surged on strong inflation data. Thailand’s market declined 0.2%, Indonesia’s fell 0.8%, and India’s rose slightly. South Korea’s market slumped 2% due to economic slowdown concerns. Samsung Electronics and SK Hynix Inc shares dropped.

Japan’s shares fell 0.5% as yen strengthened against the dollar after Tokyo reported higher than expected inflation data. The CPI in Tokyo surpassed BOJ’s 2% target, fueling expectations for a rate hike in December. BOJ Governor Ueda reiterated plans for further rate hikes due to rising wages and inflation.

Chinese stocks saw gains with the tech sector boosting markets. China’s index rose 1.6%, while Hong Kong’s index jumped 1.3%. Reports of less severe U.S. sanctions on China’s semiconductor industry provided relief. Shanghai-listed Hua Hong Semiconductor Ltd climbed 3.7%. Purchasing managers index expected to show modest growth for China in November.



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