Hong Kong shares down 3%, Korean CPI up

SINGAPORE – Asia-Pacific stocks fell on Tuesday as South Korea’s inflation picked up and investors awaited the Reserve Bank of Australia’s interest rate decision.

From Hong Kong Hang Seng Index down 3% and the Hang Seng Tech index fell 4.29%.

The city’s gross domestic product fell 1.4% in the second quarter of 2022, according to advance estimates released by the government on Monday. GDP fell 3.9% in the first quarter of the year.

Mainland Chinese stocks also fell. The Shanghai Composite lost 2.72% and Shenzhen Ingredients decreased by about 2.78%.

The Nikkei 225 in Japan fell 1.35% and the Topix index lost 1.72%.

Australia and South Korea experienced more moderate declines.

In Korea, Kospi down 0.45% and Kosdaq down 0.38%.

Consumer prices in South Korea rose 6.3% in July from the same period in 2021, official data showed on Tuesday. That was in line with expectations and the fastest rate of price growth since November 1998, according to Reuters.

The Bank of Korea raised interest rates by 50 basis points in July.

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of Australia S&P / ASX 200 0.34% lower.

The Reserve Bank of Australia is expected to rise 50 basis points after official data showed prices in Australia rose 6.1% in the second quarter from a year ago.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.33%.

Overnight in the US, the Dow Jones Industrial Average lost 46.73 points, or 0.14%, to 32,798.40.

The S&P 500 fell 0.28% to 4,118.63 and the Nasdaq Composite lost 0.18% to close at 12,368.98.

Currency

The US Dollar Indextracks the greenback against its basket of currencies, at 105.224.

The Japanese yen was trading at 130.63 per dollar, continuing an uptrend. The Australian dollar is $0.7014, after breaking above $0.7.

“AUD is higher as USD slides lower overnight amid weaker US data,” ANZ Research said in a note on Tuesday.

Oil futures prices fell on Tuesday. US crude oil fell 0.6% to $93.33 a barrel after falling 4.8% in the previous session, and Brent Crude Oil lost 0.75% to $99.28 a barrel. The international benchmark is 3.79% lower.

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