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Asia Markets Mixed as Australia Inflation Slows and China Industrial Profits Sink

Asia-Pacific markets were mixed as the region digests May inflation figures out of Australia and China releases its industrial profits for May.

In Australia, the S&P/ASX 200 climbed 1.10% to close at 7,196.5, with the index seeing its largest one-day gain since April 11.

The country saw a lower-than-expected weighted inflation rate of 5.6% in May. Economists polled by Reuters expected the country’s inflation rate to ease to 6.1%, compared with the 6.8% recorded in April.

In Japan, the Nikkei 225 rebounded more than 2% after three straight days of losses, crossing the 33,000 mark and closing at 33,193.99. The Topix also surged almost 2%, ending the day at 2,298.6.

In contrast, South Korea’s Kospi lost 0.67% to end at 2,564.19, while the Kosdaq was down 0.82%, with both indexes recording a second straight day of losess.

Hong Kong’s Hang Seng index reversed earlier losses to climb 0.3% in its final hour of trade. However, mainland Chinese markets were in negative territory as China’s industrial profits sank 18.8% in first five months of 2023.

The Shanghai Composite was down marginally to end the day at 3,189.38, while the Shenzhen Component saw a larger loss of 0.47%, closing at 10,926.32.

.N225Nikkei 225 Index*NIKKEI33520.59326.60.98
.HSIHang Seng Index*HSI19016.39-155.66-0.81
.AXJOS&P/ASX 200*ASX 200721114.50.2
.KS11KOSPI Index*KOSPI2573.339.140.36
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1008488.6110.520.12

Overnight in the U.S., all three major indexes climbed, the Dow Jones Industrial Average climbing 0.63 % and marking its first gain seven days.

The Nasdaq Composite surged 1.65% as investors piled back into tech stocks, and the S&P 500 advanced 1.15%.

Source : CNBC