Most Asia-Pacific markets slowed on Wednesday influenced by US inflation data. The Nikkei 225, Kospi and S&P/ASX 200 all posted losses, while Hong Kong’s Hang Seng index reversed the trend.
What happened: The U.S. Consumer Price Index (CPI) rose 3.1% on a 12-month basis and 0.3% on a monthly basis, beating expectations. This led to declines in most Asia-Pacific markets, with the Nikkei 225 falling 0.69% to 37,703.32 and the Topix losing 1.05% to 2,584.59, CNBC reported.
The Hang Seng Index, however, rose 0.96% as Hong Kong resumed trading after the Lunar New Year holiday. Mainland Chinese markets remained closed all week.
South Korea’s Kospi fell 1.1% to close at 2,620.42 Samsung electronics losing 1.6%. The Kosdaq, however, gained 0.96% and closed the day at 853.3.
In Australia, the S&P/ASX 200 index slipped 0.87% to close at 7,537.7, extending its losing streak into a third day.
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US markets also fell following the release of inflation data, with all three major indices losing ground. The Dow Jones Industrial Average lost 1.35%, the S&P 500 1.37% and the Nasdaq Composite 1.8%.
Because matter: US inflation data is a cause for concern, with economists warning that inflation remains more tenacious than expected. The January inflation report indicated that price pressures remain more tenacious than expected, putting a strain on the Federal Reserve’s path to planned rate cuts.
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Photo via Shutterstock.
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