Asia-Pacific markets rose as Japan’s inflation accelerated; China kept its loan prime rate

Japan +0.38%. Japan August Headline CPI 3.0% (expected & prior 2.6%).

Japan’s 20-Year JGB yield rises to 0.96%, the highest since January 2016.

China +0.40%. China Loan Prime Rates 1 year 3.65% (prior 3.65%) & 5 year 4.30% (prior 4.30%).

Hong Kong +1.42%.

Australia +1.23%. Australia consumer confidence weekly survey rises by 0.4% w/w.

Australian budget deficit to be circa A$50bn smaller than forecast.

India +1.31%.

Overnight in the U.S., the major US stock indices are ending higher on the day and closing near the highest levels for the day. Dow industrial average +197.26 points or 0.64% at 31019.69. The S&P index +26.56 points or 0.69% at 3899.88 and NASDAQ index up 86.63 points or 0.76% at 11535.03.

The delayed Bank of England policy meeting is on Thursday 22 September 2022.

Oil prices were little changed on Tuesday, after rising in the previous session, on concerns that interest rate hikes in the United States to tame inflation will curb economic growth and fuel demand in the world’s biggest crude consumer.

Brent crude futures for November settlement fell 7 cents, or 0.1%, to $91.93 a barrel by 0136 GMT.

U.S. West Texas Intermediate crude for October delivery was at $85.59 a barrel, down 14 cents, or 0.2%.

Gold prices traded in a tight range on Tuesday, as investors maintained a cautious stance ahead of this week’s policy meeting by the Federal Reserve where the U.S. central bank is likely to hike interest rates to tame high inflation.

Spot gold held its ground at $1,676.80 per ounce, as of 0037 GMT. U.S. gold futures rose 0.5% at $1,686.70.

Spot silver lost 0.7% to $19.48 per ounce. Platinum dipped 0.1% to $918.29 and palladium was down 1.5% at $2,191.75.

U.S. futures higher. Dow Jones +0.17%; S&P 500 +0.23%; Nasdaq +0.24%.

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