PT Solid Gold Berjangka | Japan’s Topix Edges Higher After US Inflation Data, Japan GDP
NIKKEI PT SGB SOLID GOLD BERJANGKA SOLID GROUP SG BERJANGKA
Solid Gold Berjangka | Japan’s benchmark TOPIX index edged higher as expectations of a Federal Reserve rate cut remained intact in the wake of U.S. inflation data, while signs of strength in domestic consumer spending underpinned investor sentiment.
As of 9:33 AM, the TOPIX was up 0.6% from the previous day at 2,598.15. The Nikkei 225 was up 0.3% at 36,533.60.
Sumitomo Mitsui Financial Group rose 4.4%, contributing the most to the TOPIX gain. Of the index’s 2,132 components, 1,151 stocks rose and 849 fell.
Japan’s second-quarter gross domestic product (GDP), released Thursday, rose 3.1% on an annualized basis, beating consensus estimates. This was on the back of an increase in consumer spending, indicating that a virtuous cycle is beginning to emerge in which rising incomes lead to higher spending.
The yen remained firm, trading around 147.29 yen to the dollar. In the U.S., underlying inflation fell for the first time in four months on an annualized basis in July, prompting the Fed to cut interest rates next month.
Source Bloomberg