What's Affecting Markets Today
Asia-Pacific Markets Mixed as Japan Inflation Fuels Rate-Hike Expectations
Asia-Pacific equities traded mixed on Friday as U.S. stock futures were little changed over the Thanksgiving break, leaving the Nasdaq Composite on course to snap its seven-month winning streak.
Investors in the region focused on fresh economic data, including Tokyo’s October inflation figures, a key gauge of broader price trends in Japan. Headline inflation eased slightly to 2.7% from 2.8%, while core inflation edged up to 2.8%, above both expectations and the Bank of Japan’s 2% target. The data strengthened the case for a potential rate hike in the coming months. Markets also await India’s second-quarter GDP results due later in the day.
Japan’s Nikkei 225 slipped 0.19%, while the Topix was marginally higher. South Korea’s Kospi fell 0.86%, but the tech-heavy Kosdaq surged 2.73%, led by a 14% jump in battery materials maker Enchem following reports of a new order from China’s CATL. LG Energy Solution dropped more than 5% after parent LG Chem announced plans to reduce its stake.
Australia’s ASX 200 rose 0.13%, while Hong Kong’s Hang Seng fell 0.5% and China’s CSI 300 declined 0.21%, dragged by China Vanke shares hitting multi-year lows.
ASX Stocks
ASX 200 8,625.1 (+0.09%)
ASX Poised for First Weekly Gain Since May
The Australian sharemarket is on track to break a four-week losing streak, with the S&P/ASX 200 edging up 0.1 per cent to 8626.80 by mid-afternoon. The benchmark is positioned to finish the week 2.5 per cent higher, marking its longest run of daily gains since May.
With US markets shut for Thanksgiving and set for a shortened session tonight, futures point to a modest Wall Street open. Rate-cut expectations continue to build, with markets pricing in an 86.9 per cent chance of a quarter-point cut by the Federal Reserve next month.
Technology led local gains, with WiseTech climbing 5.4 per cent, Life360 adding 2.5 per cent and TechnologyOne up 1 per cent. Consumer staples were also firm, driven by Woolworths’ 3.6 per cent rally after an upgrade from JPMorgan.
Financials lagged as the major banks slipped around 1 per cent, while Suncorp fell 3.4 per cent after a UBS target cut.
Among company news, Star Entertainment rose 4.8 per cent, Corporate Travel Management remained suspended amid an accounting review, and Westpac’s New Zealand unit was fined for disclosure failures.
Leaders
HMC HMC Capital Ltd (+7.75%)
FLT Flight Centre Travel Group Ltd (+7.17%)
TPW Temple & Webster Group Ltd (+6.85%)
PDI Predictive Discovery Ltd (+6.25%)
DTR Dateline Resources Ltd (+6.14%)
Laggards
QUB QUBE Holdings Ltd (-3.22%)
SUN Suncorp Group Ltd (-3.19%)
QAL Qualitas Ltd (-2.06%)
CNI Centuria Capital Group (-1.96%)
BCI BCI Minerals Ltd (-1.95%)