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China inflation, India CPI, Fed decision

Citizens are shopping at a supermarket in Nanjing, east China’s Jiangsu Province, March 9, 2024.

Costofoto | Nurfoto | fake images

Asia-Pacific markets were mixed on Wednesday as investors assessed inflation data from across Asia.

China’s inflation rate in May was 0.3%, missing the 0.4% expectations of economists polled by Reuters. The figure remained unchanged since April.

Hong Kong Hang Seng Index opened 0.76% lower following the CPI announcement, while mainland China’s CSI 300 edged down marginally.

Traders in Asia will also be keeping an eye on the US Federal Reserve’s decision on Wednesday, which will come hours after the country’s May inflation report.

Separately, India’s inflation rate is also expected to rise marginally to 4.89%, according to a Reuters poll of economists, slightly higher than the 4.83% rise in April.

Japan Nikkei 225 fell 0.79%, while the broad-based Topix saw a larger loss of 0.85%.

Japan’s corporate goods inflation rate accelerated to 2.4% in May, beating expectations and marking its fastest rate of increase since August.

However, South Korea Kospi rose 0.45% and the small-cap Kosdaq rose 0.56%.

Australia’s S&P/ASX 200 fell 0.69%, extending Tuesday’s losses.

Overnight in the US, the S&P 500 and Nasdaq Composite hit new closing highs, led by Apple as the iPhone maker hit an all-time high.

The broad market index gained 0.27%, closing at 5,375.32, while the Nasdaq Composite added 0.88% to close at 17,343.55. On the other hand, the Dow Jones Industrial Average lost 0.31%,

On Tuesday, investors appeared to be taking profits from AI star Nvidia and pivoting toward emerging AI play Apple, which just unveiled new features that could spark a wave of iPhone upgrades, analysts said.

The iPhone maker hit a new record during the session, the first since last December, jumping almost 7.3%. Nvidia lost 0.7%.

— CNBC’s Lisa Kailai Han and Alex Harring contributed to this report.

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