Asia-Pacific markets experienced mixed trading as uncertainties surrounding the U.S. economy persisted. Shares of Mitsubishi Motors surged by 4.5% following reports of an impending Electric Vehicle (EV) collaboration deal with Taiwan’s Foxconn, according to sources cited by Nikkei. These discussions have been ongoing for over six months.
In Japan, headline inflation increased by 3.7% year on year in February, down from the two-year high of 4% recorded in January. Core inflation, excluding fresh food prices, stood at 3%, slightly higher than the 2.9% predicted by economists polled by Reuters but lower than January’s figure of 3.2%. The inflation data was released shortly after the Bank of Japan maintained steady interest rates.
Meanwhile, optimism regarding stock market prospects over the next six months slightly rose among individual investors surveyed by the American Association of Individual Investors. However, bullish views remained below the historical average for the 10th week in 12, with only 21.6% of respondents expressing optimism compared to the historical average of 37.5%. Bearish sentiment dipped to 58.1%, still above its historical average of 31.0%.
Homebuyers are gradually returning to the market due to increased housing availability, resulting in a better-than-expected rise in February sales. According to the National Association of Realtors, sales of existing homes increased by 4.2% in February compared to January, reaching a seasonally adjusted annual rate of 4.26 million units. Despite this, sales were down 1.2% from the same period last year but exceeded economists’ expectations. — news from CNBC
