Asia-Pacific Markets Mixed Amid China Profits and Australia Inflation Data: Asian and Pacific regions acted speculatively and volatilely on Wednesday due to the release of Chinese and Australian indicators. This came after Wall Street indices recorded their best performance, with the Dow Jones Industrial and S&P 500 hitting historical highs.
Industrial profits for October in China fell 10% YoY, suggesting that Beijing’s recent stimulus cannot turn around poor corporate earnings. At the same time, inflation data showed that Australia had a 2.1 percent year-on-year increase in the CPI for October, which was below the 2.3 percent that financial analysts expected and was the same as in September.
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Asia-Pacific Markets Mixed Amid China Profits and Australia Inflation Data: The number is lower than the previous inflation rate of 5.6 percent, which was registered in September 2023. Hong Kong’s Hang Seng index was up 0.4 percent, and the CSI 300 index of mainland China advanced 0.9 percent. Australia’s S&P/ASX 200 advanced 0.57% to end at 8,406.7. By comparison, the Nikkei 225 of Japan declined by 1.1%, and the Topix was down by 1.3%. South Korea Kospi finished 0.65% down, but Kosdaq added 0.1%. On the U.S. markets, the Dow Jones Industrial Average increased by 123.74 points (0.28%) to stand at 44,860.31, the S&P 500 edged up by 0.57% to close at 6,021.63, while the Nasdaq Composite was up 0.63% at 19,174.30.
Market resilience in the U.S. came despite President-elect Donald Trump’s proposal for new tariffs:
- Included taxes.
- 2 5% on Mexican and Canadian products.
- A 10% on Chinese products.
- Up to 20% on all products imported.
Moreover, Trump proposed a 60 percent tariff on selected Chinese merchandise. Observers concluded that the announcement of tariffs is perceived to be disregarded by the investors either because they do not expect these to happen or because they have already metabolized into the current stock prices.
The session testified to assuage Asian tensions and upbeat American spirits as international investors grappled with essential economic indicators and global conflicts.
