Shares in Asia-Pacific markets mostly traded lower on Wednesday, as gloomy economic forecasts in the face of high inflation and tightening monetary policy weighed on investor sentiment.
As of 9:24 a.m. Thai time, the Shanghai Composite lost 0.34%, and South Korea’s Kospi index slid 0.50%.
Hong Kong’s Hang Seng and the S&P/ASX 200 in Australia were fractionally lower.
Meanwhile, Japan’s Nikkei 225 gained 0.64%.
Over the night in Wall Street, the US stock market posted a modest gain, boosted by strong earnings from Walmart Inc. and Home Depot Inc. A rise in corporate profits has contributed to the market’s recovery since the lows of June, but those gains could erode if monetary policy is tightened to counteract inflationary pressures.
Most analysts said inflation remains the most closely-watched indicator in the second half.