Asia-Pacific markets mostly rise ahead of Australia's May inflation data

Australia's weighted consumer price index for May is expected to be at 3.8%, according to a Reuters poll of economists, higher than the 3.6% recorded in April.

Singapore's May factory output data will also be released Wednesday, with a Reuters poll predicting a 2% year-on-year growth, compared with a 1.6% decline recorded in April. Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia.Asia-Pacific markets mostly rose Wednesday as investors anticipate Australia's inflation numbers for May and Singapore's May manufacturing output data.rate is expected to come in at 3.8% in May, according to a Reuters poll of economists. This is higher than the 3.6% recorded in April.

Should inflation come in higher than expected and spur the Reserve Bank of Australia to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan. RBA Governor Michelle Bullock recently revealedThe RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Singapore's May factory output will also be released Wednesday, with a Reuters poll of economists predicting a 2% year-on-year growth rate, as compared to a 1.6% decline recorded in April.

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