The Asian and Pacific stock markets closed mostly lower on Wednesday (10) after data showed a strong acceleration of Chinese inflation. In mainland China, the Shanghai Composite retreated 0.41%, to 3,492.46 points, and the less comprehensive Shenzhen Composite fell 0.25%, to 2430.08 points.
Elsewhere in the Asian region, Japan’s Nikkei lost 0.61% in Tokyo, to 29,106.78 points, while South Korean Kospi was down 1.09% in Seoul, to 2,930.17 points.
China’s annual consumer inflation rate (CPI) accelerated to 1.5% in October, down from 0.7% in the previous month. China’s annual producer inflation rate (PPI) jumped to 13.5% last month, from 10.7% in September, reaching the highest level in a historical series started in 1996.
Chinese data reinforces the upward trend in global inflation, at a time when the world economy continues to recover from the impacts of the Covid-19 pandemic.
Today, investors will pay attention to the US CPI, which has a strong influence on the trajectory of the Federal Reserve’s monetary policy.
In Oceania, the Australian stock exchange was also in the red. The S&P/ASX 200 retreated 0.14% in Sydney, to 7,423.90 points, influenced by shares of mining and oil companies.
Some Asian markets, however, dodged the region’s negative bias. The Hang Seng gained 0.74% in Hong Kong, to 24,996.14 points, thanks to shares in Chinese developers, which rallied after reports that China could ease financing rules for the battered real estate sector. In Taiwan, Taiex recorded a modest rise of 0.10%, to 17,559.65 points.
Reference: CNN Brasil
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