CNBC Daily Open: Lingering inflation problem
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Markets decline
Asia markets largely fell on Wednesday tracking Wall Street's sell-off overnight after U.S. inflation data came in hotter-than-expected in January. Mainland Chinese markets remain closed this week for the Lunar New Year holiday. In the U.S., the Dow plunged 1.35% for its worst day since March 2023. The S&P 500 lost 1.37% and the Nasdaq Composite fell 1.8%. The Russell 2000 also dropped nearly 4% for its worst session since June 2022.
Sony tops estimates
Sony's quarterly revenue topped estimates, getting a boost from its PlayStation gaming business and financial services unit. The Japanese tech giant's gaming business has remained robust as users continue to buy the flagship PlayStation 5 console.
Indonesia elections
Indonesia heads to the polls Wednesday as the world's third-largest democracy seeks to elect a successor to President Joko Widodo, who has served the maximum two five-year terms. Defense Minister Prabowo Subianto is seen as the leading contender in the race, based on various opinion polls ahead of the elections.
Bitcoin retreats
Cryptocurrencies fell on Tuesday tracking the broader market sell-off. Bitcoin was last down by 0.8% at $49,658.57 according to Coin Metrics. "Bitcoin is an aspirational store of value ... and therefore its price is in part influenced by monetary policy," said Jurrien Timmer, Fidelity Investments' director of global macro.
[PRO] Japan's bull case
Japan is fast emerging on investors' radar, and this has been reflected in the stock market's recent