China December trade data, inflation worries

SINGAPORE — Asia-Pacific markets fell on Friday as a recent rally in U.S. stocks broke momentum and the Nasdaq snapped a three-day winning streak.

Japan’s Nikkei 225 It fell 1.13%, while the Topix fell 1.31%. Auto and tech stocks fell.

South Korea’s Kospi was down around 1%, while Australia’s ASX 200 was also down 0.69%.

In the coming day, investors will look forward to China’s December import and export trade data.

The Bank of Korea will also announce its interest rate decision on Friday.

On Wall Street, stocks struggled on Thursday, erasing gains from earlier in the week as the tech rally faded.

The S&P 500 lost 1.42% to 4,659.03, while the Nasdaq Composite lost 2.51% to 14,806.81. The Dow Jones Industrial Average was down 176.70 points at 36,113.62 after gaining more than 200 points earlier in the day.

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Inflation concerns continue to be in focus as Data USA The producer price index, which measures prices received by producers of goods, services and construction, rose 0.2% in December, showing. Overall, wholesale prices rose nearly 10% in 2021, the highest annual increase in data since 2010.

elsewhere, Turkish President Recep Tayyip Erdogan promises to reduce country’s soaring inflationThe rate hit 36% in December as the country’s central bank prepares for another rate-setting meeting next week.

currency and oil

This US dollar indexAn index tracking the greenback against a basket of currencies was at 94.860, extending losses since the start of the week.

This Japanese Yen 114.20 against the US dollar as it continues to strengthen from previous levels above 115.This Australian dollar At $0.7280, it fell slightly.

Oil prices fell during Asian trade. U.S. crude fell 0.44% to $81.76 a barrel.