Asia-Pacific stocks set to rise; China inflation data for May ahead

SourceCNBC
SectorFinancial Markets
CountryGulf

SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade, ahead of Chinese inflation data expected later in the day. In Japan, the shed 0.47% in early trade while the Topix index dipped 0.26%. South Korea’s also declined 0.23%.

Meanwhile, shares in Australia advanced, with the 0.11% higher. MSCI’s broadest index of Asia-Pacific shares outside of Japan traded 0.05% lower. On the economic data front, China’s consumer price index and producer price index for May are expected to be out at 9:30 a.m. HK/SIN on Wednesday. Meanwhile, the World Bank on Tuesday upgraded its growth forecast, with the . That compared against an earlier forecast in January for a 4% global economic expansion in 2021. Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery. Overnight on Wall Street, the S&P 500 closed little changed at 4,227.26. The Dow Jones Industrial Average shed 30.42 points to 34,599.82 while the Nasdaq Composite advanced 0.31% to 13,924.91. Currencies and oil The , which tracks the greenback against a basket of its peers, was at 90.122 — hovering above the 90 level

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