SHANGHAI (Reuters) – China’s stock market closed lower on Wednesday after data showed that producer inflation in the country reached its highest level in 26 years last month, reducing the chances of an interest rate cut by central bank in the short term.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed down 0.53%, while the Shanghai index dropped 0.41%.
The producer price index soared 13.5% in October compared to a year earlier, from 10.7% in September, further reducing profit margins for producers and intensifying fears of stagflation.
“The risk of stagflation continues to increase. We are concerned about the transfer from producer prices to consumer prices,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management, in a statement.
Coal, new energy and consumer staples companies retreated between 1.7% and 2.2%.
. In TOKYO, the Nikkei index retreated 0.61%, to 29,106 points.
. In HONG KONG, the HANG SENG index rose 0.74% to 24,996 points.
. In SHANGHAI, the SSEC index lost 0.41% to 3,492 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, retreated 0.53%, to 4,821 points.
. In SEUL, the KOSPI index had a devaluation of 1.09%, to 2,930 points.
. In TAIWAN, the TAIEX index rose 0.10% to 17,559 points.
. In SINGAPORE, the STRAITS TIMES index devalued by 0.37%, to 3,231 points.
. In SYDNEY the S&P/ASX 200 index retreated 0.14%, to 7,423 points.
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