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Asian stock market divergence as markets await testimony of Powell

2019-07-10 03:14 am | Resource: News | No Views : 62

Asian stock market divergence as markets await testimony of Powell

Asian markets mixed on Wednesday ahead of US Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee. His appearance at the meeting comes amid growing attacks from US President Donald Trump, who recently said the Fed "has no idea" and that "raising interest rates very early, often", allowing other countries to "benefit" from United State. At the same time, China's inflation rate was 2.7% in June on an annualized basis.

China's inflation rose to 2.7% in June

China's consumer inflation rose to 2.7% in June from the same period last year, the National Bureau of Statistics (NBS) said on Wednesday. On a monthly basis, the CPI fell 0.1% in June.

Food prices rose 8.3% in June from a year earlier, while non-food prices rose 1.4%. The data showed that prices of fresh fruit rose 42.7% last month, an increase of 16% compared to the previous month.

At the same time, the country's PPI was flat compared to the same period last year and fell by 0.3% from the previous month.

Asian stocks trading
  • The Nikkei 225 <.N225> was down 0.17% at 4:29 am CET.
  • While the South Korean Kospi rose 0.37% at 4:10 am CET.
  • In China, the Shanghai Composite Index fell 0.20% at 4:28 am CET.
  • While the Shenzhen Composite Index fell 0.15% at the same time.
  • The Hang Seng Index in Hong Kong rose 0.12% at 4:30 am CET.
  • The Australian S & P / ASX 200 rose 0.82% at 4:30 am CET.

The greenback rose just 0.05% against the yen to hit 108.9125 yen at 4:31 am.

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