Equity indices in the Asia-Pacific region had a mostly lower finish to the week with Hong Kong’s Hang Seng hitting a fresh 13-month low while markets in India were closed for a holiday.
Japan’s Nikkei: -4.2%,
Hong Kong’s Hang Seng: -1.8%,
China’s Shanghai Composite: -2.3%,
India’s Sensex: CLOSED,
South Korea’s Kospi: -5.8%,
Australia’s ASX All Ordinaries: +0.1%.
Japan
Japan’s Tokyo CPI accelerated in June but remained below the Bank of Japan’s 2.0% target for the fifth consecutive month.
June Tokyo CPI 1.7% yr/yr (prior 1.4%) and Tokyo Core CPI 1.6% yr/yr (expected 1.6%; prior 1.3%)
Japan’s Prime Minister Takaichi indicated that her government plans to shift away from annual extra budgets in favor of annual bond issuance.
Finance Minister Katayama proposed a framework that would link spending to most predictable revenue streams like taxes, bond issuance, and spending cuts. The plan would include a 14-year, $2.3 trln, investment plan for AI and energy.
Singapore
May Industrial Production -0.7% m/m (expected 2.0%; last 6.2%); 13.0% yr/yr (expected 17.0%; last 16.5%)