Asia is in the red against the background of the 2-year high of Chinese inflation

Stocks in the Asia-Pacific region were lower as investors digested inflation data from China and also awaited US consumer price index numbers.

In particular, the consumer price index in China climbed to a 2-year high with an increase of 2.7% in July compared to the same month in 2021, while analysts expected a 2.9% increase.

China’s producer price index for July rose 4.2 percent from a year earlier, below the 4.8 percent estimate seen in a Reuters poll.

“Inflationary pressures remain subdued in China as local lockdowns have weighed on consumer spending and overall economic activity,” Commonwealth Bank’s Carol Kong said in a note.

“Relatively subdued inflationary momentum in China contrasts with persistently strong inflation in the US,” she added.

The US will also release inflation data today, with economists expecting the consumer price index to slow to 8.7% from 9.1% in June, according to Dow Jones.

In this climate, in mainland China the Shanghai Composite loses 0.37% and Shenzhen slips 0.56%.

In the Hong Kong the Hang Seng index plunges 2%, while Hang Seng Tech’s losses exceed 3%. Heavyweights Meituan and JD.com slipped 4.2% and 4.29% respectively.

In Japanthe Nikkei 225 is down 0.72%, while the Topix is ​​down 0.29%.

At South KoreaKospi slips 0.65% and Kosdaq loses 1.02%.

Small losses for the S&P/ASX 200 at Australiaclose to 0.2%.

The broadest index MSCI for Asia-Pacific shares outside Japan fell 1.06%.

Sta corporate newsToyota Motor announced that it will suspend some production operations due to positive cases of coronavirus in workplaces.