MSCI's Asia-Pacific index outside Japan up 0.28% and Japan’s Nikkei 1% as investors prepare for crucial US CPI data that will influence Fed’s interest rate policy
MSCI’s Asia-Pacific index outside Japan is up 0.28% and the Nikkei 1% as investors prepare for crucial US CPI data that will influence the Fed’s interest rate policySingapore — Asian equities edged higher on Wednesday, while the dollar steadied as investors braced for US inflation data that will influence the Federal Reserve’s interest rate policy.
China’s stocks opened 0.1% higher, while Hong Kong’s Hang Seng index gained 0.6% at the start of the day. Thursday’s data will be crucial in determining what the Fed is likely to do with interest rates in its next meeting at the start of next month. The US Federal Reserve raised interest rates by 50 bps in December after four straight 75 bps hikes in 2022, but has reiterated that it will keep rates higher for longer to tame inflation.
In the foreign exchange market, the Australian dollar was 0.3% higher after data showed the annual pace of inflation had increased to 7.3% in November. The New Zealand dollar rose 0.2%.
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