Asia stocks bounce as China releases trade data, two central banks raise rates

Japan +0.40%. Reuters Tankan – Manufacturing index unchanged from previous month, non-Manufacturing up.

China +0.36%. China H1 2022 trade figures: imports are up 4.8% y/y and exports +13.2% y/y (yuan terms).

Hong Kong +0.62%.

Australia +0.02%.

India +0.30%.

Overnight on Wall Street major US stock indices are closing lower on the day. The Dow Jones Industrial Average fell -192.51 points or -0.62% to 30981.34. The S&P 500 fell -35.65 points or -0.92% to 3818.79, while the Nasdaq Composite fell -107.86 points or -0.95% to 11264.74.

RBNZ 50bp rate hike, as expected. Takes the Official Cash Rate (OCR) to 2.5%. The next RBNZ rate hike is only 5 weeks away.

New Zealand food price index for June +1.2% m/m (prior +0.7%).

Bank of Korea raises its key rate by 50bps.

US CPI data for June is a huge market focus. Preview (data due Wednesday, 13 July 2022).

Oil prices fell in early Asian trading on Wednesday as U.S. inventory data showed buildups in crude oil and refined products amid rising fears of a global economic slowdown.

Brent crude futures dropped 68 cents, or 0.7%, to $98.81 a barrel at 0002 GMT. U.S. West Texas Intermediate crude declined 72 cents, or 0.8%, at $95.12, also the lowest in three months.

Gold prices hovered near a more than nine-month low on Wednesday, with the dollar continuing to hurt bullion demand, while investors awaited monthly U.S. inflation data for cues on the road ahead for the Federal Reserve’s monetary policy.

Spot gold was little changed at $1,726.27 per ounce at 0106 GMT, after dropping to its lowest level since late-September at $1,722.30 earlier. U.S. gold futures dipped 0.2% to $1,721.80.

Spot silver firmed 0.3% to $18.94 per ounce, platinum rose 2% to $847.27, and palladium gained 0.2% to $2,029.90.

U.S. futures higher. Dow Jones +0.11%; S&P 500 +0.12%; Nasdaq +0.23%.

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