Asian shares are mostly higher as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies. Benchmarks in Japan, Australia, South Korea and China rose in Friday trading. In Japan, industrial production rose 2.8% in July from the previous month, a rebound from minus 4.
TOKYO — Asian shares mostly rose Friday as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies.
Tokyo consumer prices rose more than expected to 2.6% year on year in August, up from 2.2% in July, as prices of food and utilities surged. That’s almost certain to catch the attention of the Bank of Japan as it mulls when to raise interest rates, a move that’s expected later this year or early next year.
The Dow Jones Industrial Average managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going. In a bit of positive news, the Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It’s another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates.
The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.
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