India budget, South Korea PPI
A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset.
Ed Jones | Afp | Getty Images
Asia-Pacific markets traded mixed on Tuesday after Wall Street looked past political uncertainty to log gains overnight.
Australia’s S&P/ASX 200 inched up 0.61%. Japan’s Nikkei 225 was 0.09% lower and the broad-based Topix advanced 0.08%.
South Korea’s Kospi rose 0.46%, while the small-cap Kosdaq climbed 0.48%. South Korea’s producer price index in June rose 2.5% year on year, compared to a 2.3% rise in May. Stocks of popular messaging app Kakao dropped 4.63% after an arrest warrant was reportedly issued for founder Brian Kim by South Korean court over allegations of market manipulation.
Taiwan’s Taiex rose 2.4% higher, breaking its four-day losing streak, with real estate, industrials and tech leading gains, according to data from LSEG.
Hong Kong’s Hang Seng Index slipped 0.09%, while Mainland China’s CSI 300 fell 1%.
India’s Nifty 50 and the BSE Sensex were little changed in the first hour of trading. India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. Analysts at Barclays expect the coalition government to signal policy consistency in the budget, “showcasing continued fiscal consolidation with a marginal shift in the spending mix.”
“While maintaining focus on capex, we think the government will use increased receipts to fund higher revenue spending, balancing economic and political needs,” Barclays wrote in a recent note.
Singapore’s consumer price index for June rose 2.4% year on year, beating Reuters’ expectations of a 2.7% increase. This compares to a 3.1% rise in May. The country’s core inflation, which strips out prices of accommodation and private transport, rose 2.9% year on year, slightly lower than Reuters’ estimates of 3%.
Overnight in the U.S., the S&P 500 notched its best day since June 5 as tech shares bounced following the worst weekly loss for the index since April.
The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the Nasdaq Composite advanced 1.58% to close at 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to finish at 40,415.44.
— CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
#India #budget #South #Korea #PPI
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