Stock market today: Asian markets are mixed, Shanghai falls as Fitch lowers China's rating outlook
Shares are mixed in Asia after U.S. stock indexes held at a near standstill ahead of some potentially market-moving reports
BANGKOK — Shares were mixed Wednesday in Asia after U.S. stock indexes held at a near standstill ahead of some potentially market-moving reports.
Hong Kong’s Hang Seng gained 1.7% to 17,115.94, while the Shanghai Composite index lost 0.8% to 3,026.11 after Fitch Ratings lowered its outlook for China’s public finances.
The report by Fitch cited increased risks due to China's shift away from reliance on its troubled property sector and rising public debt.
“There is little clarity on reform measures to support medium-term fiscal consolidation,” it said.
Tokyo's Nikkei 225 gave up 0.5% to 39,581.81 and the S&P/ASX 200 in Sydney gained 0.3%, to 7,848.50.
India's Sensex advanced 0.3% and the SET in Bangkok climbed 0.5%.
Markets in South Korea were closed for an election.
On Tuesday, the S&P 500 edged up 0.1% to 5,209.91 after barely budging the day before. The Dow Jones Industrial Average slipped less than 0.1%, to 38,883.67, while the Nasdaq composite rose 0.3%, to 16,306.64.
Later Wednesday the U.S. will release its highly anticipated update on inflation at the consumer level. This week will also bring other reports on inflation, and big U.S. companies will begin reporting how much profit they made during the first three months of the year.
The dominant question hanging over Wall Street is whether inflation will cool enough to convince the Federal Reserve to deliver the cuts to interest rates that traders are craving and have been betting on.
“There’s a palpable sense of nervousness among investors as they exercise a modicum of restraint, concerned about the possibility of hotter-than-expected
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