Australia’s inflation, China industrial profits, oil

SINGAPORE – Shares in the Asia-Pacific region fell in morning trading on Wednesday even as Wall Street’s major indexes hit new highs again overnight.

Hong Kong’s Hang Seng led losses regionally, dropping 1.31%.

Chinese tech stocks listed in the city saw losses, with Tencent down 2.55%, Alibaba down 2.65% and Meituan down 3.32%. Hang Seng Tech is down 2.5%.

Stocks in mainland China were also lower, with the Shanghai Composite down 0.47% and the Shenzhen component down 0.605%.

China’s industrial profits rose 16.3% year-on-year in September, according to data released Thursday by China’s National Bureau of Statistics.

In Japan, the Nikkei 225 is down 0.64% while the Topix is ​​down 0.51%. South Korea’s Kospi was also down 0.55%.

Shares in Australia fell with the S&P/ASX 200 Index down 0.22%. Data from the Australian Bureau of Statistics, on Wednesday, showed that the Australian consumer price index rose 0.8% in the September quarter of 2021. The quarterly consumer price inflation reading came in line with expectations of a Reuters poll.

The Australian dollar rose to $0.7526 after the data was released against the previous low of $0.7495.

MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.53%.

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Overnight, the Dow Jones Industrial Average rose 15.73 points to a new record closing level of 35,756.88 while the S&P 500 gained 0.18% to 4,574.79. The Nasdaq Composite Index rose fractionally to around 15,235.72.

Currency and oil

The US Dollar Index, which measures the greenback against a basket of its peers, was at 93.912 after the recent rally to levels around 94.

The Japanese yen was trading at 114.04 against the dollar after falling from below 114 against the dollar yesterday.

Oil prices fell in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.28% to $86.16 a barrel. US crude futures fell 0.32% to $84.38 a barrel.

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