Asia-Pacific indexes pop at open after softer U.S. inflation print
CPI rises lower than expected
The U.S. consumer price index — a broad measure of inflation — rose by 0.4% in October from a month ago. On a year-over-year basis, the CPI rose 7.7%.
Economists polled by Dow Jones expected a month-over-month gain of 0.6% and a year-over-year advance of seven.9%.
Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, in comparison with respective estimates of 0.5% and 6.5%.
— Jeff Cox
Dollar index on pace for worst day since Dec. 2015
The U.S. dollar slid Thursday against a basket of other currencies as investors cheered October’s CPI report coming in weaker than expected, signaling that inflation could have peaked.
The dollar index shed 2%, putting it on pace for its worst day by day performance since Dec. 4, 2015. If the index falls greater than 2.1%, it’ll hit levels not seen since 2009.
This week, the dollar index is down 2.3% and is on pace for its worst week since March 2020.
—Carmen Reinicke
Biden to boost concerns about Xi’s relationship with Putin ahead of G-20 summit
The U.S. government has introduced a few of its most sweeping export controls yet aiming to chop China off from advanced semiconductors. Analysts said the move could hobble China’s domestic chip industry.
Mandel Ngan | AFP | Getty Images
President Joe Biden is predicted to debate Russia’s war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting.
The meeting between the 2 leaders, the primary since Biden ascended to the U.S. presidency, will happen ahead of the G-20 Summit in Bali, Indonesia.
“I feel the president can be honest and direct with President Xi about how we see the situation in Ukraine with Russia’s war of aggression,” a senior Biden administration official told reporters on a call.
“This can be a topic that the president and President Xi have spoken about several times before. They spoke about it extensively in March of their video call after which they spoke about it again in July, so it’s a part of an ongoing conversation between the 2 of them,” added the official, who spoke on the condition of anonymity.
— Amanda Macias