Asia-Pacific stocks slip; data shows China's industrial profits jumped in September

Asia-Pacific stocks slip; data shows China's industrial profits jumped in September

SINGAPORE — Shares in Asia-Pacific were lower in Wednesday morning trade even as major indexes on Wall Street notched fresh record highs again overnight.

Hong Kong’s Hang Seng index led losses regionally, falling 1.31%.

Chinese tech stocks listed in the city saw losses, with shares of Tencent dropping 2.55% while Alibaba fell 2.65% and Meituan plunged 3.32%. The Hang Seng Tech index slipped 2.5%.

Mainland Chinese stocks also declined, with the Shanghai composite shedding 0.47% and the Shenzhen component falling 0.605%.

Industrial profits in China surged 16.3% year-on-year in September, according to data released Thursday by China’s National Bureau of Statistics.

In Japan, the Nikkei 225 dipped 0.64% while the Topix index shed 0.51%. South Korea’s Kospi also slipped 0.55%.

Shares in Australia fell as the S&P/ASX 200 declined 0.22%. Australia’s consumer price index rose 0.8% in the September 2021 quarter, data from the country’s Bureau of Statistics showed Wednesday. The reading for quarterly consumer inflation was in line with expectations from a Reuters poll.

The Australian dollar rose to $0.7526 following the data release, against an earlier low of $0.7495.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.53% lower.

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Overnight stateside, the Dow Jones Industrial Average gained 15.73 points to a new record closing high of 35,756.88 while the S&P 500 climbed 0.18% to 4,574.79. The Nasdaq Composite rose fractionally to around 15,235.72.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.912 following a recent surge to levels around 94.

The Japanese yen traded at 114.04 per dollar, having weakened from below 114 against the greenback yesterday.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 0.28% to $86.16 per barrel. U.S. crude futures dipped 0.32% to $84.38 per barrel.