Asia markets mostly rise as investors shrug off weak U.S. retail sales, assess China inflation – CNBC
Asia-Pacific markets traded mostly higher Wednesday, continuing their rally despite AI fears and weak economic data spooking U.S. investors.
The U.S. December retail sales report showed that consumer spending was flat, missing the 0.4% monthly gain that economists polled by Dow Jones were expecting.
In Asia, investors are assessing the latest data coming out from China.
The country’s consumer price index rose 0.2% in January from a year earlier, China’s National Bureau of Statistics data showed Wednesday. That’s below economists’ forecast of 0.4% increase in a Reuters poll, a sign of continued deflationary pressure in the absence of stronger stimulus.
Australia’s S&P/ASX 200 was up 1.43%.
South Korea’s Kospi rose 0.6%, on pace for a third day of gains, while the small-cap Kosdaq was 0.55% higher.
Hong Kong’s Hang Seng Index added 0.13%, while the mainland CSI 300 lost 0.26%.
Japan’s markets are closed for a public holiday.
Overnight in the U.S., the S&P 500 lost 0.33%, while the Nasdaq Composite slipped 0.59% as AI fears took hold on Wall Street. However, the Dow Jones Industrial Average rose 0.1% to post a closing record of 50,188.14.
The index had scored its third consecutive intraday record earlier in the day, a move that comes after it surpassed the 50,000 level for the first time ever last week.
— CNBC’s Sean Conlon and Sarah Min contributed to this report.
