Asia Pacific shares escalate after China release June Inflation Data

Syed Umarullah HussainiWeb Editor

09th Jul, 2020. 09:57 am
Asia pacific

As China releases inflation data for the month of June, the share market in the Asia Pacific witnessed an increase in morning trade.

According to data provided, Asia Pacific stocks saw a strong performance so far this week.

The Shanghai Composite gained 0.17% in the morning trade.

Shenzhen component advanced 0.877%.

Hong Kong’s Hang Seng index added 0.3%.

The Nikkei 225 in Japan rose 0.25% in morning trade as shares of conglomerate Softbank Group soared more than 4%.

The Topix index, however, slipped 0.27%.

Over in South Korea, the Kospi advanced 0.51%. Australia’s S&P/ASX 200 gained 0.97%.

Overall, the MSCI Asia ex-Japan index traded 0.52% higher.

The producer price index slipped 3% year-on-year, according to data from China’s National Bureau of Statistics.

Meanwhile, the consumer price index rose 2.5% as compared with a year ago.

Brent Crude

On the other hand, Brent crude futures slipped 7 cents, or 0.2%, to $43.22, after gaining 0.5% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.3%, to $40.76 a barrel after rising 0.7% on Wednesday.

An increase in coronavirus cases across several U.S. states, however, raised the prospect of renewed lockdowns that would likely hold back any sustained recovery in oil demand.

That has kept the benchmark crude contracts in critical ranges this week, although holding above $40 a barrel.

Together called OPEC+, the producers could decide to pare or extend their record 9.7 million bpd supply cut from August.

Globally, more than 11.88 million people have been infected while at least 545,398 lives have been taken, according to data compiled by Johns Hopkins University.

The United States reported more than 58,000 new cases of the dread virus, the biggest increase ever reported by a country in a single day.

Adsense 300 x 250