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Inflation concerns dampen Asian stock market capitalization
Asia Pacific investors shy away from US price data as Alibaba drives Hang Seng. Current reporting from the financial markets.
Inflation concerns dampen Asian stock market capitalization
Major Asian bourses were cautious on Wednesday as investors were somewhat nervous ahead of the release of consumer price data from the US. A possible rise in inflation could cause the Fed to reconsider its interest rate hike plans, which could dampen hopes for lower rates, according to Stephen Innes, managing partner at SPI Asset Management.
Japan's Nikkei-225 index closed 0.5 percent lower at 39,581.81 points, while trading was hit by holidays in some countries such as South Korea. The Australian stock market barometer S&P/ASX 200, on the other hand, ended 0.3 percent higher at 7848.50 points.
Developments in China were mixed, with the CSI 300 containing the most important stocks from the Chinese mainland stock exchanges recently losing 0.7 percent to 3,509.54 points. In contrast, the Hong Kong Special Administrative Region's Hang Seng was up 1.8 percent at 17,124.17 points, driven by strong gains in Alibaba.
The founder of the Chinese online trading giant, Jack Ma, supported the course of the current Alibaba management in an internal letter.