FXStreet (Mumbai) – The sentiment surrounding the Asian indices took another hit on Wednesday after the softer Chinese inflation print triggered a renewed wave of risk-aversion.
Stocks on the Asian bourses had a negative start, taking the negative lead from the Wall Street and decline in the oil prices overnight.
Weak China CPI adds to the risk-off slide
The Japanese stocks are trading deep in the red, extending the previous drop, mainly driven by worsening risk conditions after the Chinese data disappointed once again. The yen gained versus the US dollar on increased safe-haven bids, thereby dragging exports stocks lower. Meanwhile, USD/JPY trades -0.07% lower at 119.65 and the Nikkei falls -1.70% to 17,924 points.
The Chinese stocks traded mixed with the local data heavily weighing on the indices. China CPI rose 1.6% y/y in September, shy of forecasts for an increase of 1.8% and down from 2.0% in August. The benchmark index, the Shanghai Composite trades muted at 3,295. While Hong Kong’s Hang Seng drops -0.57% to 22,472.
The Australian benchmark, the S&P/ASX trades marginally lower by -0.23% at 5,191, with banks and oil stocks are among the leading decliners.
(Market News Provided by FXstreet)