November 22, 2024

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PMIs expected in Japan and Australia; The yen weakens

PMIs expected in Japan and Australia; The yen weakens

Pedestrians cross the road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, October 29, 2020.

Kiyoshi Ota | Bloomberg via Getty Images

Japanese stocks led Asian markets higher on Thursday, after Wall Street rose amid rising tensions in the Middle East.

Japan Nikki 225 The index opened 2.57% higher while the broad-based Topix added 2%.

The yen fell to 146.54 against the US dollar overnight. Japan’s new Prime Minister, Shigeru Ishiba, on Wednesday told reporters that economic conditions do not currently support another rate hike. Ishiba made his comments After his meeting with Bank of Japan Governor Kazuo Ueda.

Investors are looking forward to a crowded list of data in Asia. Australia Seasonally adjusted Judo Bank Composite PMI The data came in at 49.6 in September, down from 51.7 in August, crossing the neutral 50 mark. The Services PMI was 50.5, down from 52.5 in August.

The Australian Bureau of Statistics is also expected to release the country’s trade data for August. Economists surveyed by Reuters expected a surplus of A$5.5 billion, down from A$6.01 billion in July.

Other available data includes Japanese PMI data for retail sales for September and August from Hong Kong.

Markets in mainland China will remain closed until October 8 for a week-long holiday, while markets in South Korea will remain closed on Thursday for National Foundation Day.

Australia’s S&P/ASX 200 index jumped 0.25%.

Hong Kong Hang Seng Index Futures were at 22,438, slightly below the HSI’s last close of 22,443.73, after a strong session on Wednesday when the index closed up more than 6% after hitting a 22-month high.

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