Asian stocks mixed after China releases gloomy inflation data

Asian shares traded slightly higher earlier on Wednesday after China released gloomy inflation data on the same day.

China’s Shanghai Composite slid by 0.68% at 10:48 PM ET (3:48 AM GMT), while the Shenzhen Component inched up by 0.9%.

Hong Kong’s Hang Seng Index lost 0.6%.

Meanwhile, Japan’s Nikkei gained 0.03%, while South Korea’s KOSPI rose by 0.15%.

Down Under, the ASX200 index gained 0.32%.

The National Bureau of Statistics said that China’s Producer Price Index (PPI) slipped by 3.7% on May year-on-year. The data fell below the expected 3.3% fall from analysts at Investing.com. China’s PPI for April fell by 3.1%.

Furthermore, the bureau reported that the Consumer Price Index (CPI) for May dropped by 2.4% year-on-year and 0.8% month-on-month.

Investors are currently eyeing the conclusion of a Fed meeting scheduled later in the day in hopes of finding hints to the recovery of the global economy.