SINGAPORE – Asia-Pacific stocks fell on Wednesday as investors digested china’s inflation awareness and anticipated the U. S. CPI report. USA
Hong Kong’s Hang Seng Index fell 1. 96% to close at 19,610. 84, and the Hang Seng Technology Index fell 2. 83%. Heavyweights Meituan and JD. com fell 3. 64 and 4. 46 respectively.
Healthcare and real estate stocks also brought down the Hang Seng, according to Eikon data.
Real estate developer Longfor plunged 16. 4% after the company announced that contract sales during the first seven months of the year fell nearly 58% from the same was a year ago.
Mainland Chinese markets fell, with the Shanghai Composite down 0. 54% to 3,230. 02 and the Shenzhen Component down 0. 87% to 12,223. 51.
China’s industrial value index for July rose 4. 2% from a year earlier, below the 4. 8% growth forecast in a Reuters poll.
Consumer costs rose 2. 7% in July to the same era in 2021, the highest since July 2020. Analysts had expected print to be 2. 9%.
“Underlying inflationary pressures are limited in China as sporadic freezes have affected customer spending and overall economic activity,” Carol Kong, senior associate of foreign economy and financial strategy at Commonwealth Bank, wrote in a note Wednesday ahead of the press release.
“China’s moderate inflationary momentum contrasts with persistently high inflation in the United States,” the note reads.
Later on Wednesday, the U. S. The U. S. Department of Homeland Security will also release inflation data. Economists expect customer inflation to be 8. 7%, up from 9. 1% in June, according to the Dow Jones.
Japan’s Nikkei 225 fell 0. 65% to close at 27,819. 33, while the Topix index fell 0. 17% to 1,933. 65.
In South Korea, Kospi fell 0. 9% to 2,480. 88 and Kosdaq fell 1. 6% to 820. 27.
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The broadest MSCI Asia-Pacific equity index except Japan 1. 24%.
In company news, Toyota Motor announced it would suspend some production operations due to Covid cases at structure sites.
Cathay Pacific and Honda Motor are among those announcing their effects wednesday.
Cathay Pacific shares in Hong Kong rose about 1% after the airline reported a minor loss during the first part of 2022 versus the same era in 2021. Revenue rose 17 percent to HK$18. 6 billion ($2. 36 billion).
In the U. S. In the US overnight, the Nasdaq Composite fell more than 1% to 12,493. 93. The Dow Jones Industrial Average lost 58. 13 issues or 0. 18% to 32,774. 41, while the S
The U. S. dollar index, which tracks the dollar against a basket of its peers, at 106. 329, holding below the level of 106. 5.
High inflation deserves the idea that the Fed is unwilling to pause its tightening cycle and that markets would readjust their expectations for U. S. interest rates. Kong of Commonwealth Bank added.
“A resurgence of FOMC rate expectations would possibly cause the USD to recover, especially in opposition to the JPY, which is susceptible to adjustments in U. S. Treasuries. UU. “
The Japanese yen is trading at 135. 01 per dollar, holding weaker since the U. S. payroll report. USA The Australian dollar at $0. 6970.
U. S. crude futures fell 0. 74% to $89. 83 a barrel, while Brent futures fell 0. 53% to $95. 80 a barrel.
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