Asian Shares Rise Ahead Of U.S. Inflation Update

Asian stock markets followed Wall Street higher Tuesday, July 11, 2023, ahead of an update on US consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes, Joe McDonald reported for the Associated Press (AP).

Photo Insert: The Nikkei 225 in Tokyo lost added less than 0.1% to 32,203.57.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose. The Shanghai Composite Index gained 0.6% to 3,221.37 while the Nikkei 225 in Tokyo lost added less than 0.1% to 32,203.57. The Hang Seng in Hong Kong advanced 1.1% to 18,679.92.

The Kospi in Seoul surged 1.7% to 2,562.49 and Sydney’s S&P/ASX 200 jumped 1.5% to 7,108.90. India’s Sensex opened up 0.6% at 65,759.59. New Zealand declined while Southeast Asian markets advanced.

On Wall Street, the S&P 500 rose to 4,409.53. The Dow Jones Industrial Average climbed 0.6% to 33,944.40.

The Nasdaq composite added 0.2% to 13,685.48. In energy markets, benchmark US crude rose 33 cents to $73.32 per barrel in electronic trading on the New York Mercantile Exchange.

The contract fell 87 cents to $72.99 on Monday. Brent crude, the price basis for international oil trading, advanced 31 cents to $78.00 per barrel in London. It lost 78 cents from the previous session to $77.69.

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