Business

Hong Kong stocks fall 2%, South Korea’s CPI rises

SINGAPORE — Asia-Pacific stocks fell on Tuesday as inflation in South Korea rose and investors anticipated the Reserve Bank of Australia’s interest rate decision.

that of Hong Kong Hang Seng Index fell 2.13% in early trading and the Hang Seng Tech index fell 3.1%.

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

Mainland Chinese stocks also fell. The Shanghai composite lost 1.49% and the Shenzhen Component lost about 2%.

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

Australia and South Korea recorded more moderate losses.

In South Korea, the Kospi lost 0.45% and the Kosdaq fell 0.38%.

Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday. That’s in line with expectations and the fastest price acceleration since November 1998, Reuters reported.

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

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australia S&P/ASX 200 was 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 Asia Pacific ex-Japan equity index fell 1.33%.

Overnight in the United States, the Dow Jones Industrial Average fell 46.73 points, or 0.14%, to 32,798.40.

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

Currencies

The US dollar indexwhich trails the greenback against a basket of its peers, was at 105.224.

The japanese yen was trading at 130.63 to the dollar, continuing its strengthening trend. The Australian dollar was at $0.7014, after rising above $0.7.

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

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

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