SINGAPORE – Futures in Asia-Pacific are poised to open lower on Thursday after higher-than-expected inflation reports in the US.
The Nikkei futures contract in Chicago was at 26,405, while its counterpart in Osaka was at 26,470. Compared to Nikkei 225’s Last closed at 26,478.77.
In Australia, SPI futures stood at 6,515, lower than S&P/ASX 200Its last close is at 6,621.6.
Consumer prices rose 9.1% from a year ago, Above the Dow Jones estimate of 8.8 percent. This is the fastest pace since November 1981, and investors are concerned about how aggressive the Fed will have to be to fight rising prices.
already, Two Wall Street firms are speculating the Fed could go for a 100-basis-point rate hike this monthWhich one? Canada’s central bank did on Wednesday.
Shares in the US fell overnight after the inflation report.
The Dow Jones Industrial Average fell 208.54 points, or 0.67%, to 30,772.79, while the S&P 500 fell 0.45% to 3,801.78. The Nasdaq Composite fell 0.15% to close at 11,247.58.
The yield curve inversion in the US Treasury, seen as a bearish sign, widened across the states on Wednesday. The 2-year yield was 3.1485% last time, up from 2.9355% for the 10-year note. Yields move inversely to prices.
In economic data, Singapore will release its advance GDP estimates for the second quarter on Thursday and Australia will report unemployment figures.
Taiwan’s chipmaker TSMC and Japan’s Fast Retailing are also due for reported earnings Thursday.
currencies
US Dollar IndexJoe, who tracks the greenback against a basket of his teammates, slipped to 108 and finished last at 107.957.
Japanese yen traded at 137.53 per dollar, and Australian Dollar Change hands at $0.6742.
— CNBC’s Jeff Cox and Yun Lee contributed to this report.