 Japan’s GDP increased by 0.8% in the second quarter, above market expectations on a quarter-over-quarter basis. Economists surveyed had predicted a 0.5% increase.Â
The Bureau of Labor Statistics reported on Wednesday that U.S. consumer prices rose 2.9% year over year, the lowest level since March 2021 and down from 3% in June. Over a given month, prices increased by 0.2%.
After Japan’s GDP growth exceeded forecasts, Asia-Pacific markets saw a significant increase on Thursday. Traders also took in statistics on China’s retail sales, industrial output, and urban unemployment for July.
Increase In Industrial Output
China’s retail sales up 2.7% year over year, exceeding-surveyed economists’ estimates of a 2.6% increase. Conversely, industrial output increased by 5.1% as opposed to 5.2% as predicted.
From 5% in June, the urban jobless rate increased somewhat to 5.2%. Japan’s GDP increased by 0.8% in the second quarter, above market expectations on a quarter-over-quarter basis. Economists surveyed had predicted a 0.5% increase.
Additionally, this was a reversal from the first quarter’s revised 0.6% decline. Nonetheless, the nation’s GDP shrank 0.8% year over year in the second quarter of the year, continuing the 0.9% decline from the first quarter.
Inflation
The Topix overall increased 0.73% to 2,600.75, while Japan’s Nikkei 225 increased 0.78% to close at 36,726.64. For the fourth day in a row, both indices saw advances.
Australia’s unemployment rate increased by 0.1 percentage point to 4.2% in July, and the country’s S&P/ASX 200 saw a 0.19% increase to 7,865.5. Additionally, the nation’s participation rate increased to 67.1%, above the 66.9% predicted survey of experts.
In the last hour of trading, the Hang Seng index in Hong Kong slightly declined, but the CSI 300 in mainland China increased by 0.99%, breaking through a six-month low.
Equity Gained Overnight
On account of a public holiday, markets in India and South Korea are closed. Wall Street equities gained overnight when the market anticipated the U.S. inflation figures.
The Bureau of Labor Statistics reported on Wednesday that U.S. consumer prices rose 2.9% year over year, the lowest level since March 2021 and down from 3% in June. Over a given month, prices increased by 0.2%.
A 3% growth over the previous year and a 0.2% increase from the previous month were anticipated by economists surveyed by Dow Jones. 0.61% was added to the Dow Jones Industrial Average.
The Nasdaq Composite recovered from earlier losses to settle 0.03% higher, while the S&P 500 increased 0.38% to record its sixth straight winning day.
