Asian Stocks Trade Mostly Higher despite a Fast-Growing Inflation Rate in the U.S.


Stocks in Asia traded mostly higher on Friday despite a higher-than-expected U.S. CPI in May climbed at the fastest pace since 2008.

 

As of 9:22 local time in Thailand on June 11, 2021, Nikkei rose 0.15%, SSEC dipped 0.51%, HSI advanced 0.12%, ASX 200 increased 0.15% and Kospi gained 0.48%.

Last night, Dow Jones closed 0.06% higher, S&P 500 rose 0.47% to a record closing high at 4,239.18 points, Nasdaq increased 0.78%.

Yesterday, SET Index closed at 1,625.27 points, decreased 1.00 points or 0.06% with a trading value of 105 billion baht.

 

On Thursday, the U.S. Bureau of Labor Statistics reported that the headline Consumer Price Index (CPI) rose 0.6% in May to record at 5.0% YoY, which was above the 4.7% consensus. The inflation rate in May grew at the fastest pace since 2008.

 

Meanwhile, a separate report released by the Labor Department showed that U.S. initial jobless claims, a rough way to measure layoffs, decreased by 9,000 to 376,000 in the week ending June 5, marking a fresh pandemic-era low.

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