Asian Equities Mixed; Chinese Stocks Down on Weak Inflation Data

Investing.com - Asian equities were mixed in morning trade on Tuesday. Chinese stocks underperformed their regional peers following the release of weak inflation data.

China’s Shanghai Composite and the Shenzhen Component were down 0.5% and 0.4% by 10:35 PM ET (02:35 GMT).

The country’s producer price index fell 0.8% in August from a year earlier, data from the National Bureau of Statistics showed on Tuesday. It was its worst year-on-year contraction in three years, according to data compiled by CNBC.

Hong Kong’s Hang Seng Index gained 0.2%.

Meanwhile, Japan’s Nikkei 225 also traded 0.2% higher. Nissan Motor Co., Ltd. (T:7201) jumped more than 3% after company CEO Hiroto Saikawa announced his resignation effective Sept 16.

South Korea’s KOSPI was up 0.3%.

Down under, Australia’s ASX 200 lost 0.5% after a survey produced by the National Australia Bank (NAB) showed the country’s business sentiment slumped to 1 from 4 in August.

“It looks like the tax cuts have had little impact on household consumption or have not been large enough to offset increasing weakness,” said Alan Oster, NAB’s chief economist. “The two rate cuts also may have had little impact, though this is expected with the longer and more variable lags of monetary policy.”

The conditions index, which measures hiring, sales and profits, was also down to 1 from the previous 3.

Looking ahead, Apple Inc (NASDAQ:AAPL) is expected to take centre stage later in the day as it is set to reveal its trio of iPhone 11s and other gadgets like a new version of the Apple Watch.

Related Articles

Xi Labeled ‘Zealot’, U.S. Recession, BOK in Club Zero: Eco Day

Judge lets Facebook privacy class action proceed, calls company's views 'so wrong'

Huawei drops lawsuit against U.S. over seized equipment: court filing