Asia-Pacific stocks mostly lower tracking weak lead on Wall Street amid hot CPI report

Japan (NKY:IND) -0.69%. The Japanese yen depreciated past 150 per dollar, hitting its lowest levels in three months as a surprisingly hot US inflation reading lowered the odds further for early interest rate cuts from the Federal Reserve this year.

China (SHCOMP) markets closed. Markets in key trade partner China are closed this week for the Spring Festival.

Hong Kong (HSI) +0.89%. Reverses losses from earlier in the session as the market returned from the Lunar New Year holidays.

India (SENSEX) -0.34%. India’s wholesale prices rose by 0.27% year-on-year in January 2023, marking the third consecutive period of wholesale inflation but slowing from 0.73% in December and below market estimates of 0.53%.

Australia (AS51) -0.74%.

In the U.S. on Tuesday, all three major indexes ended lower as hotter-than-expected US consumer inflation data reinforced the view that the Federal Reserve will start cutting interest rates later than the market expects.

U.S. stock futures steadied on Wednesday after the major averages declined sharply in the previous session, as stronger-than-expected US inflation data further dented sentiment around Federal Reserve interest rate cuts: Dow +0.12%; S&P 500 +0.22%; Nasdaq +0.38%.

Investors now look ahead to Chicago Fed President Austan Goolsbee’s comments later on Wednesday for further guidance.

Traders also look ahead to US retail sales figures on Thursday and producer inflation data on Friday, as well as remarks from at least seven Fed officials this week.

Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).

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