Asia report: Shares creep ahead before US, eurozone CPI data

31st May 2024 08:12

(Sharecast News) - Asian stocks edged ahead on Friday as investors waited for inflation readings from Europe and the US for indications on the future movement of interest rates globally.

Japan's Nikkei 225 rose 1.14% to close at 38,487.9, while the broader Topix index gained 1.7% to end at 2,772.49. Industrial output figures showed a surprise 0.1% fall in April from the previous month, against expectations of a 0.9% rise.

South Korea's Kospi ended flat at 2,636.52, while in Australia, the S&P/ASX 200 index rose 0.96% to close at 7,701.7.

Chinese shares fell as factory activity slowing more than expected in May, hitting a three-month low, showing the world's second-largest economy was still battling problems in its property market, according to survey data published on Friday.

The official manufacturing purchasing managers' index survey of sentiment among factory owners fell more than expected to 49.5, from April's 50.4 and forecasts of 50.5, according to data released by the National Bureau of Statistics on Friday.

The Shanghai Composite finished 0.16% lower to 3086.81, while Hong Kong's Hang Seng edged ahead by 0.06% to 18,239.

Reporting by Frank Prenesti for Sharecast.com

the survey showing further pressure on an economy already burdened by a prolonged crisis in the property industry. But negative indicators often fuel speculation that they will lead Beijing to counter with growth-friendly policies.

Hong Kong's Hang Seng index jumped 1.2% to 18,446.05 and the Shanghai Composite index was up 0.3% at 3,099.72.