Asia-Pacific stocks trade mixed as Tokyo inflation runs hotter than expected

Asia-Pacific markets traded mixed on Friday as US stock futures remained flat through Thanksgiving Day, leaving the Nasdaq Composite on track to end a seven-month winning streak.

Traders in Asia will analyze new economic data, including inflation in Tokyo, a leading indicator of broader price trends in Japan.

The Japanese capital’s headline inflation rate fell to 2.7% in October from 2.8% the previous month. Core inflation, which excludes fresh food prices but includes energy prices, was 2.8%, slightly higher than the 2.7% expected by economists polled by Reuters. This was above the central bank’s target of 2%, strengthening the case for a near-term rate hike.

Investors will also be watching India’s GDP for the second fiscal quarter through September, later in the day.

Japan Nikki 225 The Topix fell 0.19%, while the broad-based Topix rose marginally.

South Korea’s Kospi fell 0.86%, and the small-cap KOSPIC rose 2.73%.

Shares of Enchem, a maker of battery materials listed on the Kosdaq stock exchange, rose about 14% after that. According to South Korean media reported It has won an order from a Chinese battery manufacturer Contemporary Amperex Technology Co., LtdOr catl.

LG Energy Solution stock fell more than 5%, making it the biggest loser on the Kospi index after its parent company LG Chem said it would reduce its stake To about 70% from its current level of approximately 80%, in order to improve shareholder returns.

Australia Standard & Poor’s/ASX 200 It was 0.13% higher.

Hong Kong Hang Seng Index China’s CSI 300 lost 0.5%, while China’s CSI 300 fell 0.21%. Shares of real estate developer China Vanke fell 1.68% to an all-time low in Hong Kong, while its shares in Shenzhen fell to their lowest level since 2008.

Overnight in the US, the three major indicators were little changed. Dow Jones Industrial Average Futures It rose only 10 points. Standard & Poor’s 500 futures and Nasdaq-100 futures It is trading just above the flat line.

Stocks are on pace for a losing month when trading resumes Friday. The decline in technology stocks weighed on the major averages in November, as doubts loomed over the future profitability of artificial intelligence companies.

However, some investors are hoping this month’s decline signals a rise in the major averages at the end of the year, as they step in to buy stocks that have been unduly punished with more attractive valuations.

US markets were closed on Thursday for Thanksgiving. The stock market will close early at 1pm EST on Friday.

— CNBC’s Sean Conlon and Pia Singh contributed to this report.