Asian markets dipped on Wednesday as traders mulled China’s inflation report and awaited the release of the U.S. Consumer Price Index.
As of 9:25 a.m. Thai time, mainland Chinese markets were down 0.21% on the Shanghai Composite and 0.62% on the Shenzhen Component.
The Nikkei 225 in Japan fell 0.67%, the Kospi in South Korea lost 0.81%, and the S&P/ASX 200 in Australia dropped 0.08%.
Hong Kong’s Hang Seng index was 1.43% lower.
Consumer inflation in China surged in July to its highest level in two years, mostly due to rising pig prices, while lackluster consumer demand held down overall price pressures.
The consumer price index jumped 2.7% from a year ago as pork prices soared 20.2%, reported the National Bureau of Statistics on Wednesday. The CPI increase was lower than the 2.9% consensus estimate in a Bloomberg survey and compared to 2.5% growth in June.
Overnight in the U.S., the Nasdaq Composite lost about 1% to 12,493.93. The Dow Jones Industrial Average down 58.13 points or 0.18% to 32,774.41, while the S&P 500 dropped 0.42% to 4,122.47.