People wait for a traffic light to change in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, March 2, 2023, in Tokyo. Asian stock markets were mixed Thursday after signs of enduring upward pressure on American prices added to expectations of higher interest rates for longer. – Wall Street futures were lower after a survey showed prices paid by U.S.
There are “very few to no signs of any disinflationary process outside of energy and commodity prices,” Carsten Brzeski of ING said in a report. In Asia, the Shanghai Composite Index lost less than 0.1% to 3,310.65 and the Nikkei 225 in Tokyo sank less than 0.1% to 27,498.87. The Hang Seng in Hong Kong gave up 0.9% to 20,429.46.India's Sensex lost 0.8% to 58,908.28. New Zealand and Jakarta gained while Singapore and Bangkok retreated.
After the latest inflation reading, traders expect the Fed to raise its key rate to at least 5.25% by June. Some expect 5.5%, the highest level in 22 years. Lowe’s fell 5.6% for one of the largest losses in the S&P 500 after it reported weaker revenue for the latest quarter than expected.
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