Traders stay up for China’s inflation information

SINGAPORE – Asia Pacific stocks fell Friday morning trading as investors await the release of China’s inflation data.

In Japan, the Nikkei 225 lost 1.13% in early trading while the Topix index lost 1%.

Olympic Games organizers will ban viewers from the upcoming Tokyo Summer Games after Japan declared a state of emergency as the country sees rising Covid-19 cases.

The South Korean Kospi also lost 1.04%. South Korea announced on Friday that the greater Seoul area will be placed under the strictest level 4 social distancing rules, according to local news agency Yonhap.

Elsewhere, Australian stocks also fell as the S & P / ASX 200 lost 0.15%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was down 0.15%.

As for economic data, China’s consumer price index and producer price index for June will be released on Friday at 9.30am HK / SIN.

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Overnight, the Dow Jones Industrial Average on Wall Street fell 259.86 points to 34,421.93 while the S&P 500 fell 0.86% to 4,320.82. The Nasdaq Composite lost 0.72% to 14,559.78.

The losses were due to the latest US Department of Labor claims data, which was unexpectedly higher, suggesting a possible slowdown in the labor market.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its competitors, hit 92.359 after falling over 92.7 recently.

The Japanese yen was trading at 109.78 per dollar, stronger against the dollar yesterday at 110.6. The Australian dollar changed hands at $ 0.7434, still below the $ 0.755 level it hit earlier this week.

Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent crude oil futures rising 0.26% to $ 74.31 a barrel. US crude oil futures rose 0.36% to $ 73.20 a barrel.

Here’s a look at what’s on tap:

  • China: Consumer Price Index and Producer Price Index for June at 9.30am HK / SIN

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