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Shares in Asia mixed with Shanghai down despite prices data from China

Published 10/13/2016, 11:27 PM
Updated 10/13/2016, 11:29 PM
© Reuters.  Asian shares mixed
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Investing.com - Asian shares were mixed on Tuesday with Shanghai bucking a positive trend after prices data from China gave hopes for renewed demand prospects after disappointing trade data earlier this week.

The Shanghai Composite Index fell 0.23%, while Hong Kong's Hang Seng Index gained 0.64%.

China reported CPI for September with a gain of 0.7% month-on-month, well above the 0.3% pace seen and led by food prices, and a 1.9% increase year-on-year, faster than the 1.6% rise expected. As well PPI data rose 0.1% year-on-year, compared to a decline of 0.3% expected for the first positive growth since February 2012.

"The domestic industrial supply and demand situation is trending better, with improving signs in inventories and sales by key industries," due to government policies to stabilize growth, reduce excess capacities and inventories, Yu Qiumei, the bureau's senior statistician wrote, said in a statement.

Improving international commodity prices also supported the price gains in domestic industrial products, Yu said.

Earlier in Japan, the PPI for September fell 3.2% as expected year-on-year and came in flat, compared to a 0.1% month-on-month gain seen. The Nikkei 225 rose 0.25%.

Australia's central bank released a financial stability review that highlighted some regional risks in apartment construction. The S&P/ASX 200 rose 0.08%.

The yuan rose against the dollar after the People's Bank of China strengthened the fixing for the first time in eight business days. at 6.7157, the biggest percentage increase since late September.

Overnight, U.S. stocks were lower after the close on Thursday, as losses in the Basic Materials, Financials and Technology sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.25%, while the S&P 500 index lost 0.31%, and the NASDAQ Composite index fell 0.49%.

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