Asian markets rise, South Korean stocks explode ahead of US CPI report

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A man looks at an electronic quotation board displaying stock prices at the Tokyo Stock Exchange in Tokyo on August 2, 2022.

Kazuhiro Nogi | AFP | Getty Images

Asia-Pacific markets were higher on Tuesday as investors anticipate the US inflation report for August.

South Korea’s Kospi rose 2.74% to 2,449.54 as it returned to trade after a holiday on Monday – led by Samsung Electronics which advanced 4.5% and SK Hynix which rose 4, 87%.

The Nikkei 225 in Japan gained 0.25% to 28,614.63, and the Topix index rose 0.32% to 1,986.57. In Australia, the S&P/ASX 200 rose 0.65% to 7,009.70.

Mainland China’s Shanghai Composite edged higher to 3,263.80, while the Shenzhen component added 0.385% to 11,923.47. The Hang Seng index in Hong Kong was down 0.17% in the last hour of trading.

MSCI’s broadest index of Asia-Pacific stocks outside Japan gained 0.61%.

Headline inflation in the United States is expected to decline in August, according to a Dow Jones survey. But core inflation, excluding energy and food, should rise. Headline CPI is expected to come in at 8%, down from 8.5% in July.

– CNBC’s Jesse Pound, Carmen Reinicke and Patti Domm contributed to this report.


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