Asian markets trade mostly higher; Kospi index outperforms


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Asian stock markets were mostly higher following gains overnight on Wall Street that saw the S&P 500 sailing to a record closing high.

The Nikkei 225 in Japan edged 0.3% while the Topix is down 0.12% and the Kospi edged 0.78% higher. Hong Kong’s Hang Seng index advanced 0.54% and the S&P/ASX 200 climbed 0.12%.

Mainland Chinese stocks declined as the Shanghai Composite fell 0.32% while the Shenzhen Component slipped 0.4%.

US stocks finished higher yesterday and defied higher than expected CPI print for May. CPI data for May stood at 5% (slightly ahead of expectations of 4.8%), which is the highest since 2008.

The S&P 500 rose nearly 0.5% to a record closing high of 4,239.18. The Dow Jones Industrial Average climbed 19.1 points to 34,466.24 while the Nasdaq Composite gained 0.78% to 14,020.33.

On the other hand, ECB, as expected, kept policy rates unchanged and also left the bond-buying programme unchanged. More importantly, ECB stated that it will continue to buy assets under its pandemic emergency purchase programme at a significantly higher pace, which should offer comfort to global equities. Going forward, the FOMC meeting outcome next week will be crucial considering the high inflation print and possible remark over the monthly bond-buying programme.





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