Asia Mixed on China Inflation Data
Major Asian markets were mixed on Tuesday as Chinese inflation data showed a surge in consumer prices in November.
In Japan, the Nikkei 225 lost 20.51 points, or 0.1%, to 23,410.19, Shares of game maker Nintendo surged 2.9% as the firm officially launched its Switch console in China.
The Japanese yen traded at 108.61 per U.S. dollar after strengthening from levels above 109.6 last week.
In Hong Kong, the Hang Seng Index dropped 58.11 points, or 0.2%, to 26,436.62.
The Australian dollar changed hands at $0.6828 after seeing an earlier low of $0.6816.
In Shanghai, the CSI 300 recovered 4.93 points, or 0.1%, to 3,900.38, as shares of China Postal Savings Bank rose 2% in their Shanghai debut.
Chinese consumer inflation jumped in November, according to data released by the country’s National Bureau of Statistics on Tuesday.
The Consumer Price Index for November jumped 4.5% year-on-year, as food prices skyrocketed 19.1% amid an outbreak of African swine fever.
On the other hand, producer prices in China declined in the same month, with the Producer Price Index for November falling 1.4% year-on-year.
Meanwhile, on the U.S.-China trade front, Bloomberg reported Tuesday that U.S. Agriculture Secretary Sonny Perdue said Washington is unlikely to impose upcoming tariffs on Chinese exports, set to go into effect on Dec. 15.
The trade war between the U.S. and China has now raged on for more than a year with duties slapped on billions of dollars worth of each other’s goods.
IN OTHER MARKETS
In Taiwan, the Taiex gained 9.35 points, or 0.5%, to 11,627.84
In Korea, the Kospi added 9.35 points, or 0.5%, to 2,098
In Singapore, the Straits Times Index dropped 14.89 points, or 0.5%, to 3,179.82.
In New Zealand, the NZX regained 54.63 points, or 0.5%, to 11,284.22
In Australia, the ASX 200 let go of 23.12 points, or 0.3%, to 6,706.91.