Markets in Asia-Pacific declined Wednesday morning after shares on Wall Street tumbled overnight stateside.
Mainland Chinese stocks dropped in early trade, with the Shanghai composite slipping 1.27% while the Shenzhen component declined 2.618%. Hong Kong's Hang Seng index shed 1.26%.
Chinese inflation data for August released Wednesday showed the producer price index declined 2.0% in August from a year earlier, according to China's National Bureau of Statistics. That was in line with expectations for a 2.0% fall in a Reuters poll. The consumer price index in August rose 2.4% as compared with a year ago, also in line with expectations of analysts in a Reuters poll.
In Japan, the Nikkei 225 dropped 1.56% in morning trade while the Topix index fell 1.51%.
South Korea's Kospi also slipped 0.71%. Over in Australia, the S&P/ASX 200 dropped 2.23%.
Overall, the MSCI Asia ex-Japan traded 1.13% lower.
The moves regionally came as Investors reacted to overnight declines on Wall Street. The Nasdaq Composite dropped 4.1% to close at 10,847.69. Tuesday's drop put the tech-heavy Nasdaq down 10% over the past three days. The Dow Jones Industrial Average plunged 632.42 points, or 2.3%, to end its trading day at 27,500.89. The S&P 500 slid 2.8% to close at 3,331.84.
Tech mostly sees losses
Shares of technology stocks in Asia-Pacific mostly dropped, following losses seen by their counterparts stateside.
Shares of Japanese conglomerate Softbank Group fell about 6% in Wednesday morning trade. The stock has plunged more than 10% since its Friday close after a Financial Times report identified the firm as the "Nasdaq whale" that bought billions of dollars in technology company stock options over the past month.
Elsewhere, similar losses were also seen. In Hong Kong, shares of Chinese tech giant Alibaba dropped 3.04% while Xiaomi plunged 5.8%. Taiwan Semiconductor Manufacturing Company also saw its stock in Taiwan decline 1.62%. Over in South Korea, SK Hynix shares slipped 1.39%. Samsung Electronics, on the other hand, gained 0.51%.
Meanwhile, AstraZeneca said a late-stage trial of its Covid-19 vaccine candidate has been put on hold due to safety concerns. That came following a suspected serious adverse reaction in a participant in the United Kingdom, according to STAT News.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.498 following its rise earlier this week from levels below 93.0.
The Japanese yen traded at 105.91 per dollar after an earlier high of 105.82 against the greenback. The Australian dollar changed hands at $0.722 after falling from levels above $0.726 yesterday.
Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.48% to $39.59 per barrel. U.S. crude futures were also 0.65% lower at $36.52 per barrel.
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September 09, 2020 at 06:47AM
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Asia-Pacific stocks decline as data shows China's August consumer prices rose; tech shares see losses - CNBC
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