Asia Pacific stocks slip as investors digest Chinese data

Stocks in the Asia Pacific were mostly down on Wednesday as investors mulled over Chinese inflation data showing a buildup of inflationary pressure in the global economy. Investors are now awaiting further data from the U.S.

Hong Kong’s Hang Seng Index fell 0.50%, while the Australian ASX 200 crept up 0.08%.

Japan’s Nikkei 225 shed 0.36%, and South Korea’s KOSPI declined by 0.82%.

In China, Shanghai Composite plummeted 1.8% by 9:23 PM ET (2:23 AM GMT), while the Shenzhen Component edged down 0.61%.

Early Wednesday data showed that China’s consumer price index (CPI) went up 0.7% month on month and 1.5% year on year in October, while the producer price index (PPI) rose by 13.5% year on year.

Meanwhile, the Chinese Communist Party’s Central Committee is resuming its meeting, which runs until November 11. The meeting is anticipated to set the stage for Chinese President Xi Jinping’s third term. Xi is also expected to meet with U.S. President Joe Biden at a virtual summit next week, according to reports.