Tuesday, January 25, 2022

Asian shares drag lower by weakness in Chinese economic data

Asian shares on Thursday dragged lower by weakness in Chinese economic data although investors seemed relieved that U.S. inflation data was not hot enough to force even faster monetary tightening by the Federal Reserve.

U.S. consumer price inflation was at its highest in nearly 40 years, data showed overnight, but it didn’t come as a surprise and kept intact expectations for the Fed’s tapering or timeline for the first rate rise as early as March.

China’s Shanghai Composite index declined 1.2 percent, Japan’s NIKKEI-225 fell one percent and South Korea’s KOSPI slipped 0.4 percent. Hong Kong’s Hang Seng added 0.1 percent while Singapore’s Straits Times ended 0.1 percent up.

European markets were also up in intra-day trade. France’s CAC fell half a percent, London’s FTSE 100 slipped 0.1 percent and Germany’s DAX was trading almost flat.

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