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Asia markets rise, South Korea stocks pop ahead of U.S. CPI report

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Asia markets rise, South Korea stocks pop ahead of U.S. CPI report


A man looks at an electronic quotation board displaying stock prices on the Tokyo Stock Exchange in Tokyo on August 2, 2022.

Kazuhiro Nogi | AFP | Getty Images

Asia-Pacific markets were higher on Tuesday as investors looked ahead to the US inflation report for the month of August.

South Korea’s Kospi rose 2.74% to 2,449.54 on its return to trade after a holiday Monday – led by Samsung Electronics which advanced 4.5% and SK Hynix that rose 4.87%.

The Nikkei 225 in Japan gained 0.25% to 28,614.63, and the Topix index ticked 0.32% higher to 1,986.57. In Australia, the S&P/ASX 200 rose 0.65% to 7,009.70.

Mainland China’s Shanghai Composite ticked fractionally higher to 3,263.80, while the Shenzhen Component added 0.385% to 11,923.47. The Hang Seng index in Hong Kong was 0.17% lower in the final hour of trade.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.61%.

Headline inflation in the US is expected to decline in August, according to a Dow Jones survey. But core inflation, excluding energy and food, is projected to rise. Headline CPI is expected to come in at 8%, compared with 8.5% in July.

— CNBC’s Jesse Pound, Carmen Reinicke and Patti Domm contributed to this report.

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