- Asian markets showed mixed trading after Wall Street's decline due to US inflation data
- Japan's Nikkei fell 0.22%, Topix rose 0.52%, South Korea's Kospi dropped 0.48%
- US CPI for October rose 0.4%, exceeding economists' 0.3% estimate, fueling rate hike fears
Asian markets were trading mixed on Wednesday after Wall Street ended lower overnight, as stronger-than-expected US inflation data raised expectations of another Federal Reserve rate hike in December.
Japan's Nikkei 225 was down 0.22%, while the broader Topix gained 0.52%. South Korea's Kospi slipped 0.48%, while Australia's ASX 200 edged up 0.04%.
US markets ended Tuesday's session in the red. The Dow Jones Industrial Average fell 0.30%, while the S&P 500 and Nasdaq Composite declined 0.38% and 0.74%, respectively.
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The decline followed the release of US consumer price index (CPI) data for October, which showed inflation rising faster than economists had expected.
The CPI, a broad measure of prices across the US economy, rose 0.4% month-on-month in October, against economists' estimates of 0.3%, according to the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, increased 0.3%, compared with expectations of 0.2%.
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Headline inflation had risen 0.6% in September, while core CPI increased 0.3%.
The higher-than-expected inflation reading raised concerns about the Federal Reserve's ability to bring inflation down and strengthened expectations of a rate hike in December.
According to CME Group's FedWatch tool, the probability of a 25-basis-point rate hike next month rose to around 90% following the data release.
Nvidia Extends Losses
Nvidia was among the biggest drags on Wall Street, with its shares falling 5.5% on Tuesday. Reports surrounding CEO Jensen Huang's alleged links to a Chinese spy weighed on the stock for a second consecutive session.
The two-day decline took Nvidia's market capitalisation to around $4.07 trillion, its lowest level since late March.
Oil Prices Today
Crude oil prices were little changed today, with Brent hovering around $92 a barrel on hopes of easing tensions between US and Iran.
Last checked, Brent crude oil was trading 0.67% higher at $92.1 a barrel.
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