Stock market today: Asian stocks decline after US inflation edges higher
Asian stock markets are lower after U.S. inflation edged higher, fueling unease about the outlook for the biggest global economy
BEIJING — Asian stock markets declined Friday after U.S. inflation edged higher, fueling unease about the outlook for the biggest global economy.
Shanghai, Hong Kong, Seoul and Sydney declined. Japanese markets were closed for a holiday. Oil prices edged lower.
Wall Street's benchmark S&P 500 index gained less than 0.1% on Thursday after government data showed consumer prices rose 3.2% in July. That was higher than the previous month but below forecasts.
Traders hope the data will persuade the Federal Reserve that inflation that peaked above 9% last year is under control and no more interest rate hikes are needed.
“As benign as the inflation report was initially interpreted, investors quickly shifted concerns to factors that could disrupt the narrative, such as scorchingly high energy and food prices,” said Stephen Innes of SPI Asset Management in a report.
The Shanghai Composite Index lost 1.2% in afternoon trading to 3,216.68 and the Hang Seng in Hong Kong fell 0.4% to 19,165.89.
The Kospi in Seoul declined nearly 0.2% to 2,597.25 while Sydney's S&P-ASX 200 sank 0.3% to 7,335.20.
New Zealand gained, as did Bangkok, while other Southeast Asian markets declined.
On Wall Street, the S&P 500 rose to 4,468.83 for its second daily gain in the past eight days.
The Dow Jones Industrial Average gained 0.2% to 35,176.15. The Nasdaq composite added 0.1% to 13,737.99.
U.S. inflation in July was up from the previous month's 3% but below forecasts of 3.3%.
Beneath the surface, underlying trends for inflation were also within expectations.
The readings bolstered hopes among investors that the Federal
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