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Asian shares mixed with Nikkei up after CPI data meets expectations

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Investing.com -

Investing.com - Asian shares were mixed Friday in early trade with Tokyo up on inflation data in line with expectations.

Japan's national CPI data for June rose 3.3% for the July core figure which excludes perishables but includes energy, in line with expectations and a 13th straight year-on-year rise, but a slower pace than the 3.4% increase in May.

The Nikkei 225 rose 0.5%, while South Korea's KOSPI rose 0.1% and Australia's S&P/ASX 200 was 0.2% lower as the market paused after gaining for the past seven sessions.

For the week, stocks have been on an upward trajectory. The biggest gains were in Hong Kong with the Hang Seng Index up 2.9%.

Overnight, U.S. stocks finished mixed to lower after disappointing housing data and lackluster earnings sent a handful of investors selling equities for profits.

The Dow 30 fell 0.02%, the S&P 500 index rose 0.05%, while the NASDAQ Composite index fell 0.4%.

Earnings season is underway and the results have been positive for many, but also invite profit taking.

Broader equities managed to remain stable after data revealed initial jobless claims in the U.S. fell to an eight-year low.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to 284,000, down from the previous week's total of 303,000.

Analysts had expected jobless claims to rise by 5,000 to 308,000 last week.

Elsewhere, the Census Bureau reported that U.S. new home sales dropped by 8.1% to 406,000 units last month, worse than expectations for a decline of 5.3%.

On Friday, the U.S. is to round up the week with data on durable goods orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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