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Asia-Pacific shares higher as US inflation data remains in focus

SHANGHAI, CHINA – MARCH 01: Skyscrapers stand at Pudong Lujiazui financial district on March 1, 2022 in Shanghai, China.

Xiao Yang | Visual China Group | Getty Images

Asia-Pacific shares were broadly higher as investors look ahead to the US consumer price index report on Thursday. Economists expect inflation to have cooled in December, which could signal to the Federal Reserve that previous rate hikes have had the intended effects.

Australia̵[ads1]7;s S&P/ASX 200 closed up 1.18% to 7,280.4 after the release of the country’s trade balance for November.

The Nikkei 225 closed flat at 26,449.82 while the Topix climbed 0.36% to 1,908.18. South Korea’s Kospi rose 0.24% to 2,365.1 while the Kosdaq fell 0.15% to 710.82.

Hong Kong’s Hang Seng index fell fractionally, reversing earlier gains. Mainland China’s Shanghai Composite added 0.051% to close at 3,163.45 and the Shenzhen component was up 0.23% at 11,465.73. China’s consumer price index rose 1.8% in December from a year ago, in line with Reuters expectations.

India’s inflation data for December is also scheduled for release.

Overnight on Wall Street, major stock indexes closed higher. Economists surveyed by Dow Jones expect inflationary pressures to show that prices cooled a modest 0.1% in December from November.

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