Asian Stocks Split Amid Bond Strain and High Crude Prices
Asian equity markets diverged on Thursday as investors grappled with lingering bond strain and elevated crude prices. The US Personal Consumption Expenditures (PCE) price index rose just 0.3% in August, missing forecasts of a 0.4% gain.
The Commerce Department's Bureau of Economic Analysis reported the PCE price index stood at 3.4% on a yearly basis in August, matching the revised July figure. A 4.4% rebound in gasoline costs contributed to the monthly increase, while food prices remained flat.
Despite strong results from Micron, an AI chipmaker, and a slight dip in gold futures, sentiment remained subdued ahead of the US jobs report due later this week. Crude prices held firm as supply worries persisted following the stalemate in US-Iran negotiations.