Asia Pacific stocks mostly higher as investors await China’s June inflation

Shares in Asia Pacific were mostly higher in Thursday morning trade as investors await the release of Chinese inflation data.

The Nikkei 225 in Japan rose 0.27% in early trade as shares of conglomerate Softbank Group soared more than 4%. The Topix index, however, slipped 0.1%.

Over in South Korea, the Kospi advanced 0.71%. Australia’s S&P/ASX 200 gained 0.79%.

Overall, the MSCI Asia ex-Japan index traded 0.27% higher.

Chinese June inflation data is set to be released later on Thursday, with the Consumer Price Index (CPI) and Producer Price Index (PPI) for that month expected to be out at around 9:30 a.m. HK/SIN.

The coronavirus pandemic is also likely to continue weighing on investor sentiment as the number of cases in the U.S. surpassed the 3 million mark, according to Johns Hopkins University. As cases and deaths rise, data compiled by Apple Maps shows driving activity is slowing down across the country, which could be a warning sign for the economic comeback. 

Globally, more than 11.88 million people have been infected while at least 545,398 lives have been taken, according to data compiled by Johns Hopkins University.

Overnight on Wall Street, the Dow Jones Industrial Average closed 177.10 points higher, or 0.7%, at 26,067.28. The S&P 500 added 0.8% to finish its trading day at 3,169.94 while the Nasdaq Composite advanced 1.2% to 10,492.50, notching a record closing high.

Meanwhile, St. Louis Federal Reserve President James Bullard told CNBC that unemployment stateside could fall to as low as 7% this year. The current jobless level in the U.S. is at a post-World War II high of 11.1%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 96.451 after declining from levels above 96.8 yesterday.

The Japanese yen traded at 107.24 per dollar after strengthening from levels around 107.7 yesterday. The Australian dollar was at $0.6988 after rising from levels below $0.696 yesterday.

Oil prices were little changed in the morning of Asian trading hours, with international benchmark Brent crude futures hovering above the flatline at $43.30 per barrel. U.S. crude futures slipped slightly to $40.87 per barrel.

Here’s a look at what’s on tap:

• China: CPI and PPI for June at 9:30 a.m. HK/SIN