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Shenzhen stocks lead gains in Asia-Pacific on cooled U.S. inflation outlook

Jan 17, 2023

CNBC – UPDATED MON, JAN 16 20233:18 AM EST

This is CNBC’s live blog covering Asia-Pacific markets.

SHENZHEN, CHINA - AUGUST 22: Aerial view of Ping An International Finance Center (aka Ping An IFC) on August 22, 2021 in Shenzhen, Guangdong Province of China. (Photo by VCG/VCG via Getty Images)
SHENZHEN, CHINA – AUGUST 22: Aerial view of Ping An International Finance Center (aka Ping An IFC) on August 22, 2021 in Shenzhen, Guangdong Province of China. (Photo by VCG/VCG via Getty Images)
Vcg | Visual China Group | Getty Images

Markets in the Asia-Pacific mostly rose as expectations of cooled inflation in the U.S. lifted investor sentiment in the region.

In mainland China, the Shenzhen Component rose 1.58% to close at 11,785.77, leading gains in the wider region. The Shanghai Composite rose 1.01% to 3,227.59 as the nation saw home prices further drop in December. Hong Kong’s Hang Seng index was flat after erasing earlier gains.

In Australia, the S&P/ASX 200 rose 0.82% to 7,388.2 while Japan’s Nikkei 225 fell 1.14% to 25,822.32 and the Topix shed 0.88% to 1,886.31. South Korea’s Kospi inched up 0.58% to 2,399.86 and the Kodaq gained 0.71% to 716.89.

Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. The announcement came after the World Health Organization criticized China, alleging it was underreporting deaths.

Source: https://www.cnbc.com/2023/01/16/asia-pacific-us-sees-inflation-ease.html