Asia-Pacific stocks mixed; China inflation data for May ahead

SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade, ahead of Chinese inflation data expected later in the day.

In Japan, the Nikkei 225 shed 0.47% in early trade while the Topix index dipped 0.26%. South Korea’s Kospi also declined 0.23%.

Meanwhile, shares in Australia advanced, with the S&P/ASX 200 0.11% higher.

MSCI’s broadest index of Asia-Pacific shares outside of Japan traded 0.05% lower.

On the economic data front, China’s consumer price index and producer price index for May are expected to be out at 9:30 a.m. HK/SIN on Wednesday.

Meanwhile, the World Bank on Tuesday upgraded its growth forecast, with the global economy now expected to grow 5.6% in 2021. That compared against an earlier forecast in January for a 4% global economic expansion in 2021.

Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery.

Overnight on Wall Street, the S&P 500 closed little changed at 4,227.26. The Dow Jones Industrial Average shed 30.42 points to 34,599.82 while the Nasdaq Composite advanced 0.31% to 13,924.91.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.122 — hovering above the 90 level that it fell below earlier in the week.

The Japanese yen traded at 109.42 per dollar, weaker than levels around 109.2 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7739, as compared with levels around $0.776 seen earlier in the trading week.

Oil prices were little changed in the morning of Asia trading hours, with international benchmark Brent crude futures sitting below the flatline, trading at $72.20 per barrel. U.S. crude futures were largely flat at $70.06 per barrel.

Here’s a look at what’s on tap:

• China: Consumer price index and producer price index for May at 9:30 a.m. HK/SIN