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HONG KONG (AP) – Japanese stocks hit another record Friday after U.S. stocks rose to an all-time high the previous day, while European markets also rose on the back of euro zone inflation data.
The S&P 500 futures index rose 0.1%, while the Dow Jones Industrial Average fell 0.1%.
Germany’s DAX rose 0.4% to 17,746.65. Paris’ CAC40 index fell less than 0.1% to 7,921.31, while London’s FTSE 100 index rose 0.5% to 7,670.35.
In Asian markets, Tokyo’s Nikkei Stock Average rose 1.9% to close at 39,940,000 yen. In late February, the index surpassed the record of 38,915.87 set at the height of the financial euphoria in 1989, before the financial bubble burst and an era of sluggish growth began.
Japan’s unemployment rate fell to 2.4% in January from 2.5% (revised value) in the previous month, but the manufacturing purchasing managers index fell to 47.2 in February, indicating weak demand in domestic and overseas markets. It was shown that
A PMI value below 50 indicates a contraction compared to the previous month.
Hong Kong’s Hang Seng Index rose 0.5% to 16,589.44, while the Shanghai Composite Index rose 0.4% to 3,027.02.
China’s manufacturing activity contracted for the fifth straight month at 49.1 in February, according to the National Bureau of Statistics, but the unofficial Caixin PMI showed manufacturing expanded for the fourth straight month, pointing to a brighter outlook. showed that.
Investors are looking forward to policies to revitalize the economy at China’s National People’s Congress next week, during which the Chinese government is expected to announce its annual GDP growth target.
Korean markets are closed due to holidays.
Elsewhere in Asia, Australia’s S&P/ASX 200 rose 0.6% to 7,745.60, while Bangkok’s SET rose 0.1%.
On Wall Street on Thursday, the S&P 500 rose 0.5% to 5,096.27, topping the record set last week. The Nasdaq Composite Index led the market, rising 0.9% to $38,996.39, surpassing its all-time high set in 2021. The Dow Jones Industrial Average rose 0.1% to end at $38,996.39, just below the record set last week.
In the bond market, yields fell after subsequent inflation reports showed prices across the country rose almost as expected last month. This allayed growing concerns on Wall Street that inflation data could signal an unpleasant reacceleration.
“Inflation is the hottest it’s been in a while, but this may be a blip rather than the start of something worse,” said Brian Jacobsen, chief economist at Annex Wealth Management.
Thursday’s report maintained expectations that the Fed could start cutting rates in June. These measures would ease pressure on the economy and boost investment prices, but the Fed has signaled it could cut interest rates several times this year.
The Fed’s key interest rate remains at its highest level since 2001 in hopes of curbing inflation by boosting the economy through higher mortgage and credit card payments. Expectations for future interest rate cuts helped fuel the U.S. stock market’s big rally in late October, with the S&P 500 just coming off a four-game winning streak.
But interest rate easing would only happen if the Fed sees additional convincing data showing that inflation is falling sustainably toward its 2% target.
In other trading, benchmark U.S. crude oil rose 27 cents to $78.53 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard crude, rose 6 cents to $81.97 per barrel.
The dollar rose to 150.66 yen from 149.98 yen. The euro rose from $1.0803 to $1.0814.
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