Asian-Pacific shares were lower after Chinese economic data

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Asian-Pacific shares were lower after Chinese economic data

Asia-Pacific shares were largely lower on Wednesday, after the release of Chinese economic data.

Hong Kong’s Hang Seng index sank around 1.6% to settle at 25,058.6, as of its final hour of trading. Remarkably, the index is set to decline more than 1% for the third straight session.

Asia-Pacific shares slipped on Wednesday after the release of Chinese economic data.

Furthermore, casino stocks dipped amid concerns over tighter regulations. Wynn Macau and Sands China’s shares fell by more than 27%. Meanwhile, Galaxy Entertainment Group sank about 18.39%.

Mainland Chinese stocks closed lower. The Shanghai Composite dropped by 0.17% to settle at 3,656.22. Moreover, the Shenzhen component fell 0.614% to 14,536.31.

Data published Wednesday revealed China’s retail sales growing at a much slower pace than anticipated in August. Additionally, the retail sales print for the month rose 2.5%, against a 7% growth forecast by analysts polled by Reuters.

Industrial production growth also came in below anticipations, increasing 5.3% in August against predictions of 5.8% growth.

Japan’s Nikkei 225 dipped 0.52% on the day to 30,511.71. The Topix index fell 1.06% to settle at 2,096.39, while Kospi in South Korea gained 0.15% to close at 3,153.40.

Australia’s S&P/ASX 200 dropped 0.27% to settle at 7,417.

Besides, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, slipped 0.69%.

In August, the Consumer Price Index recorded its smallest rise in six months

On Wall Street, the Dow Jones Industrial Average fell 292.06 points to close at 34,577.57. Meanwhile, the S&P 500 sank 0.57% to 4,443.05. The Nasdaq Composite dropped 0.45% to 15,037.76. The losses came despite an inflation reading for August that was lower than anticipated.

The Consumer Price Index (CPI) in August recorded its smallest rise in six months, suggesting inflation has probably peaked. As we know, Federal Reserve Chair Jerome Powell’s long-held belief that high inflation is short-lived.

Lower inflation implies that the Fed will be under less pressure to start trimming its vast asset purchases. Remarkably, the yield on the benchmark 10-year note dropped to 1.263%, its lowest since August 24.

Yields rebounded slightly and were little changed in Asia on September 15 at 1.285%. The U.S. dollar was steady, also having declined against a basket of its rivals on the inflation figures.

Moreover, oil prices advanced in the afternoon of Asia trading hours. International benchmark Brent crude futures gained 0.96% to $74.31 per barrel. Besides, U.S. crude futures rose 0.98% to $71.15 per barrel.

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