S&P 500 hits new high, China's producer price index falls, Asia markets rise.
Asian markets rose as the S&P 500 hit a new 2023 high, with Japan's Nikkei 225 leading gains and closing at 32,265. China's producer price index fell further into deflation, dropping 4.6% in May, while consumer prices rose 0.2%. The Commonwealth Bank of Australia downgraded its growth forecasts, predicting a 50% likelihood of the economy entering a per-capita recession in 2023. Weekly jobless claims in the US posted an unexpected jump, indicating that the labor market could be softening up. US Treasury yields rose as investors prepared for the Federal Reserve's next interest rate policy decision.