China s consumer price index (CPI), a main gauge of inflation, rose 1.3 percent year on year in May, data from the National Bureau of Statistics showed Wednesday.
Asian Shares Broadly Lower On Inflation Concerns
CANBERA (dpa-AFX) - Asian stocks fell broadly on Wednesday, as investors digested mixed Chinese inflation data and looked ahead to the release of U.S. inflation data that could influence how soon the Federal Reserve pares its stimulus program.
Chinese shares closed higher after the release of inflation data. The benchmark Shanghai Composite index edged up 11.29 points, or 0.32 percent, to 3,591.40 while Hong Kong s Hang Seng index ended down 38.75 points, or 0.13 percent, at 28,742.63.
Consumer prices in China were up 1.3 percent year-on-year in May, the National Bureau of Statistics said. That fell short of expectations for an increase of 1.6 percent and was up from 0.9 percent in April.
The consumer price index (CPI) in China rose 1.3 percent year-on-year in May, while factory gate prices or PPI surged 9 percent, the fastest annual pace in over 12 years, according to official data released on Wednesday. Bets on a global economic recovery and easing US monetary policy have pushed up international bulk commodity prices, experts said.
Equity indices ended a volatile session with steep losses on Wednesday, led by weakness in banks and auto shares. The Nifty hit a record high of 15,800.45 in early afternoon trade. However, a sharp round of profit selling in afternoon trade dragged the benchmarks lower. All the sectoral indices on the NSE ended in the red. Negative global stocks triggered profit selling in domestic shares.
The barometer index, the S&P BSE Sensex, slipped 333.93 points or 0.64% at 51,941.64. The Nifty 50 index lost 104.75 points or 0.67% at 15,635.35.
Reliance Industries (down 1.8%), Larsen & Toubro (down 1.8%), ICICI Bank (down 1%), Bajaj Finserv (down 1.46%) and Bajaj Finance (down 1.43%) were major drags.