Asia-Pacific stocks trade mixed as Tokyo inflation runs hotter than expected

Asia-Pacific markets traded mixed Friday as U.S. stock futures stayed flat over Thanksgiving Day, leaving the Nasdaq Composite on track to end a seven-month winning streak.

Traders in Asia will parse fresh economic data, including Tokyo’s inflation print, a leading indicator of Japan’s broader price trends.

Headline inflation in Japan’s capital eased to 2.7% in October from 2.8% the month before. Core inflation, which strips out prices of fresh food but includes energy prices, came in at 2.8%, slightly higher than the 2.7% expected by economists polled by Reuters. This was above the central bank’s 2% target, boosting the case for a near-term rate hike.

Investors will also watch India’s GDP for its fiscal second quarter through September, later in the day.

Japan’s Nikkei 225 rose 0.17% to 50,253.91, while the broad-based Topix was 0.29% higher to end at 3,378.44. Both Japanese indexes marked their third day of gains.

South Korea’s Kospi was down 1.51% and closed at 3,926.59, and the small-cap Kosdaq gained 3.71% and finished at 912.67.

Enchem, a battery materials maker listed on the Kosdaq, surged by over 16% after South Korean media reported it had won an order from Chinese battery maker Contemporary Amperex Technology Limited, or CATL.

LG Energy Solution slipped over 6.8%, making it the largest loser on the Kospi after parent LG Chem said it would pare its stake to about 70% from its current level of almost 80%, in order to improve shareholder returns.

Australia’s S&P/ASX 200 was marginally lower, closing at 8,614.1.

Hong Kong’s Hang Seng index dropped 0.34% finishing at 25,858.89, while the mainland Chinese CSI 300 rose 0.25% to end at 4,526.67.

Shares of property developer China Vanke gained 1.12% in Hong Kong after falling to an all-time low.

India’s Nifty 50 was flat, and the BSE Sensex index climbed 0.1%.

Overnight in the U.S., all three major indexes were little changed. Dow Jones Industrial Average futures rose just 10 points. S&P 500 futures and Nasdaq-100 futures traded just above the flatline.

Stocks are on pace for a losing month when trading resumes on Friday. A pullback in tech stocks has weighed on the major averages in November, as doubt swirled around the future profitability of AI companies.

Yet some investors are hopeful that this month’s slide will signal a year-end rally for the major averages, as they step in to buy stocks that have been unduly punished at more attractive valuations.

U.S. markets were closed Thursday for Thanksgiving Day. The stock market will close early at 1 p.m. ET on Friday.

— CNBC’s Sean Conlon and Pia Singh contributed to this report.