Asian shares were mixed Wednesday as a wait-and-see mood set in following another — though more modest — day of sell-offs on Wall Street.
Worries about inflation are weighing on investors’ minds, including in Asia. Inflation data for Singapore released earlier in the week showed inflation was still going strong, with core inflation headed higher to 4.8% year on year for July. Food price inflation was at 6.1%.Worries about inflation are weighing on investors’ minds, including in Asia. Inflation data for Singapore released earlier in the week showed inflation was still going strong, with core inflation headed higher to 4.
Japan’s benchmark Nikkei 225 NIK slid 0.5% in morning trading. Australia’s S&P/ASX 200 XJO added 0.6% and South Korea’s Kospi 180721 rose 0.1%. Hong Kong’s Hang Seng HSI dipped 1.3%, while the Shanghai Composite SHCOMP shed 1.4%. Benchmark indexes in Indonesia JAKIDX and Singapore STI were little changed, while stocks fell in Taiwan Y9999 .
“As we approach Jackson hole, economic risks are seemingly revealing in various forms ranging from disappointment in housing data to manufacturing survey,” said Tan Boon Heng at Mizuho Bank in Singapore. Volatility has returned to Wall Street following what had been a strong summer as worries rise about how aggressively the Federal Reserve will raise interest rates to knock down high inflation. Recent comments from some Fed officials have cooled hopes the Fed may end up less forceful than feared.
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