Global Markets React to Fed Meeting and Inflation Data
Asia-Pacific markets were mixed as the U.S. inflation rate rose at a 4% annual rate in May, the lowest in two years, giving room for the Federal Reserve to pause and skip a rate hike in its June meeting. Japan's Nikkei 225 popped 1.47%, while Australia's S&P/ASX 200 climbed 0.32%. Hong Kong's Hang Seng index fell 0.82%, while mainland Chinese markets were more mixed. South Korea's Kospi fell 0.72%, and the Kosdaq tumbled 2.79%. Toyota shares rose to mark the highest in 16 months after the company's shareholders voted to retain Akio Toyoda as its chairman in a broad endorsement of its strategy. Economists on Wall Street are warning weakness in China's property market could be a drag on the economy for years to come.