Asian Markets Mixed Amid Oil Price Rebound
Asian markets were mixed on Thursday as investors digested the impact of rising oil prices and cooler-than-expected US inflation data. The rebound in oil prices offset some of the optimism from the PCE inflation numbers, leading to a volatile session.
The S&P Global South Korea Manufacturing PMI rose to 53.9 in September, marking its strongest expansion since May. This boost helped push the KOSPI up by 1.72% to around 6,820. Meanwhile, Japan's Nikkei 225 rose 3.36% to above 68,000, reaching its highest level in six weeks.
However, not all markets fared well. Australia's AU200AUD shares fell 1.71% to 8,669, erasing prior gains. The Australian dollar also weakened to around $0.69, touching its lowest level in eleven weeks. This decline was attributed to weak macro indicators, including a September S&P Global Australia Manufacturing PMI contraction to 49.6 and an August trade surplus narrowing sharply to AUD 0.50 billion.
US markets, on the other hand, showed early signs of optimism, with Dow futures up 0.36%, S&P 500 futures gaining 0.58%, and Nasdaq 100 futures advancing 1.08%.