Tuesday, May 21, 2024
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Japan CGPI, India WPI, India CPI

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Muslim devotees are breaking their fast and having their meals on the last Friday of the holy fasting month of Ramadan, also known as Jumat-ul-Vida, at the Jama Masjid in the old quarters of New Delhi, India.

Nurphoto | Nurphoto | Getty Images

Asia-Pacific markets were set to extend gains from Monday even as stocks on Wall Street stumbled, with the Dow Jones Industrial Average snapping an eight-day winning streak.

Investors in Asia will assess India’s inflation numbers. Data released Monday showed consumer price index climbed 4.83% year on year, nearly in line with the 4.8% expected by economists polled by Reuters.

India’s wholesale inflation reading and Japan’s corporate inflation numbers are due to be released later in the day.

Japan’s Nikkei 225 was set to rise, with the futures contract in Chicago at 38,220 and its counterpart in Osaka at 38,190 against the index’s last close of 37,438.61.

Futures for the S&P/ASX 200 point to a stronger open, at 7,776 compared to the index’s last close of 7,750.

Hong Kong’s Hang Seng index is poised to extend gains from Monday, with futures at 19,209 compared with the index’s last close of 19,115.06. The HSI closed past the 19,000 mark on Monday — for the first time since August 2023.

Overnight in the U.S., traders grappled with rising inflation expectations ahead of key reports due later in the week.

A New York Federal Reserve survey showed consumers last month raised their expectations for price increases. On a one-year basis, inflation expectations rose to 3.3%. Their five-year inflation outlook ticked up to 2.8%.

The 30-stock Dow fell 0.21%, while the S&P 500 inched lower by 0.02%. The Nasdaq Composite added 0.29%.

Shares of meme stock GameStop soared 74% after “Roaring Kitty,” the moniker of the Reddit trader behind 2021’s short squeeze, posted online for the first time in three years.

— CNBC’s Brian Evans and Lisa Kailai Han contributed to this report.

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