SHANGHAI, CHINA – JUNE 08: Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. (Photo by Zhang Zhuoming/VCG via Getty Images)
Vcg | Visual China Group | Getty Images
Asia-Pacific markets climbed, bolstered by a slew of China’s economic data for August mostly came in better than market expectations.
China’s August retail sales and factory output beat expectations, but the print for fixed asset investment came in slightly below expected. Home prices stayed in negative territory, falling 0.1% year on year.
Hong Kong’s Hang Seng Index rebounded and rose 1.3% after China’s data release, with the mainland markets also stronger as the CSI 300 inched up marginally.
Japan’s Nikkei 225 climbed 1.34%, while the Topix continued to push new 33-year highs and climbed 1.25%. Most notably, shares of investment holding company Softbank surged over 3% after shares in Arm, the chip design firm it controls, advanced almost 25% on its Nasdaq debut.
In Australia, the S&P/ASX 200 rose 1.8%. South Korea’s Kospi advanced 1.15%, while the Kosdaq was marginally higher.
Overnight in the U.S., all three major indexes ended higher as core producer price index in the U.S. climbed by 0.2% in August, in line with expectations.
The overall producer price index increased a seasonally adjusted 0.7%, higher than the 0.4% estimate and the biggest monthly gain since June 2022.
The Dow notched its best day since Aug. 7 , climbing 0.96%. The S&P 500 gained about 0.84%, while the Nasdaq Composite moved 0.81% higher.
— CNBC’s Sarah Min and Brian Evans contributed to this report