Market Commentary - Foreign Markets
Nikkei Jumps 0.95% Ahead Of Inflation Data As on : 25-Jun-24  16:28

Asian stocks recovered from an early slide to end mostly higher on Tuesday after China's Premier Li Qiang said the country is capable of achieving the full year growth target of around 5 percent.

The dollar was firm in Asian trading and gold dipped while oil was little changed after closing higher in the previous session on supply concerns stemming from tensions in the Middle East and Ukrainian attacks on Russian refineries.

Japanese markets ended sharply higher ahead of Tokyo inflation data due on Friday. The reading assumes significance after the minutes of the Bank of Japan's latest meeting showed debate among board members on rate hikes.

The Nikkei average jumped 0.95 percent to 39,173.15, reaching a five-month high as the yen rose for the second straight session against the dollar, helping ease some concerns over possible government intervention in the currency market. The broader Topix index settled 1.72 percent higher at 2,787.37.

Japan's leading index weakened more than initially estimated in April to the lowest level in three months, the latest data from the Cabinet Office showed on Tuesday. The leading index, which measures future economic activity, dropped to 110.9 in April from 111.7 in the previous month. In the initial estimate, the score was 111.6.

Producer prices in Japan were down 0.1 percent on month in May, the Bank of Japan said on Tuesday. On a yearly basis, producer prices were up 2.5 percent, easing from 2.7 percent in the previous month.

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