Japan and Australia PMI expected; yen weakens

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Japan and Australia PMI expected; yen weakens

Electronic screens display gongs at the Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Tuesday, March 15, 2022.

Paul Yeung | Bloomberg | Getty Images

Asia-Pacific markets are set to open higher on Thursday, after Wall Street inched higher amid rising tensions in the Middle East.

Investors will look ahead to a busy slate of data in Asia. Australia’s

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data came in at 49.6 in September, lower from the 51.7 in August, falling past the 50 neutral mark. The services PMI posted 50.5, down from 52.5 in August.

The *********** Bureau of Statistics is also expected to report the country’s trade data for August. Economists surveyed in a Reuters poll forecast a surplus of 5.5 billion *********** dollars, down from AU$6.01 billion in July.

Other data on tap include Japan’s PMI data for September and August retail sales from Hong Kong.

Markets in mainland China will remain closed until Oct. 8 for a week-long holiday, while South Korea will be shut Thursday for National Foundation Day.

Japan’s Nikkei 225 futures pointed to a near 3% jump at the open, with the futures contract in Chicago at 38,905 and its counterpart in Osaka at 38,690 compared to the previous close of 37,808.76.

The yen slid to as weak as 146.54 against the U.S. dollar overnight. On Wednesday, Japan’s new prime minister, Shigeru Ishiba, told reporters economic conditions don’t currently support another rate hike. Ishiba made his comments

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.

Futures for Australia’s S&P/ASX 200 stood at 8,253, slightly higher than the index’s last close of 8,198.2.

Hong Kong’s Hang Seng index futures were at 22,438, slightly lower than the HSI’s last close of 22,443.73, coming off a strong session on Wednesday when the index closed over 6% higher after hitting a 22-month high.

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#Japan #Australia #PMI #expected #yen #weakens

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