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Asia Markets, Hong Kong, Slip

Asia-Pacific shares fell on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.

In Japan, the Nikkei 225 plummeted 180.63 points, or 0.7%, to 27,819.33.

In company news, Toyota Motor announced that it would suspend some production operations due to positive COVID cases at work sites.

The Japanese yen traded at 135.01 per dollar, staying weaker since the strong U.S. payrolls report.

Cathay Pacific and Honda Motor are among the companies reporting earnings on Wednesday.

In Hong Kong, the Hang Seng index dropped 392.6 points, or 2%, to 19,610.84.

Heavyweights Meituan fell 3.6% and dropped 4.5%.

Heath-care, consumer and real estate stocks also dragged the Hang Seng lower, according to Eikon data.

Property developer Longfor plunged 16.4% after the company reported that contracted sales for the first seven months of the year dove nearly 58% compared with the same period a year ago.

Shares of Hong Kong’s Cathay Pacific rose around 1% after the carrier reported a narrower loss for the first half of 2022 compared to the same period in 2021. Revenue rose 17% to 18.6 billion Hong Kong dollars ($2.36 billion U.S).

The Australian dollar was at $0.6970.


In Shanghai, the CSI 300 retreated 46.55 points, or 1.1%, to 4,109.74.

China’s producer price index for July rose 4.2% from a year ago, lower than the 4.8% increase predicted in a Reuters poll.

Consumer prices increased 2.7% in July compared with the same period in 2021, the most since July 2020. Analysts expected the print to stand at 2.9%.

In other markets

In Taiwan, the Taiex dumped 111.26 points, or 0.7%, to 14,939.02.

Markets in Singapore returned Wednesday from holiday, with the Straits Times Index gaining 15.35 points, or 0.5%, to 3,286.33.

In Korea, the Kospi shed 22.58 points, or 0.9%, to 2,480.88

In Australia, the ASX 200 floundered 37.16 points, or 0.5%, to 6,992.67.

In New Zealand, the NZX inched back 1.39 points to 11,752.09