Sun, May 19, 2024

National Bureau of Statistics and Stocks in Asia

Stocks and interesting details

China’s National Bureau of Statistics released information about inflation data for June. According to this information, the producer price index dropped 3% year-on-year. However, that result is lower than expected. Analysts had expected the produced price index to fall by 3.2%.

In the meantime, the consumer price index grew by 2.5% compared to the same period last year. Stocks in the Asia Pacific strengthened their positions on Thursday.

It would also be hard not to mention the coronavirus pandemic, as investors are closely monitoring the situation regarding it. Unfortunately, the number of coronavirus cases around the world surpassed 12 million recently.

In the U.S. the number of cases exceeded 3 million. Importantly, driving is slowing down across the country, which could be a warning sign for the economic recovery.

Mainland Chinese stocks on Thursday

Coronavirus, which originated from the Chinese city of Wuhan, created a lot of problems not only for the local but the global economy in general. This is not surprising, as companies are struggling to avoid a worst-case scenario.

On July 9, stocks in the Asia Pacific reacted to news regarding the Chinese Inflation Data for the previous month.

Notably, mainland Chinese stocks saw gains on the day. Furthermore, Chinese stocks continued to lead gains among the region’s major markets. For instance, the Shanghai Composite gained 1.39% to about 3,450.59. At the same time, the Shenzhen Composite soared by 2.599% to around 13,754.74.

Japanese stocks also strengthened their positions on Thursday. The Nikkei 225 gained 0.4% to close at 22,529.29 as shares of conglomerate Softbank Group advanced by 4.52%. Also, the Topix index ended its trading flat at 1,557.24.

South Korea’s Kospi index grew by 0.42% to close at 2,167.90 and Australia’s S&P/ASX 200 advanced by 0.59% to end its trading day at 5,955.50.

Companies are working around the clock to create an effective coronavirus vaccine. As a result, it will be easier to prepare for such outbreaks in the future.

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