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Shares in Asia-Pacific mixed as data shows Chinese producer inflation surging in March


SINGAPORE — Shares in Asia-Pacific were mixed Monday morning as investors reacted to Chinese inflation data for March.

Following the release of data, losses in Chinese stocks were seen regionally. Shanghai compositeThe decrease was 1.12% Shenzhen componentReduced 1.591% Hong Kong Hang Seng indexDropped by 1.722%

China’s producer inflation in March was more than forecast. Official data Monday showed that the producer price index rose 8.3% compared to a year earlier. This was higher than what was expected in a Reuters poll, which indicated a 7.9% rise.

The Chinese consumer inflation rose in March more than anticipated, and the index of consumer prices rose 1.5% annually. According to Reuters, this was 1.2% more than what had been expected.

Data release is as mainland China has been fighting to control its worst wave of CovidSince the outbreak of the pandemic early 2020.

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And elsewhere, Nikkei 225Japan’s Topix index fell 0.2%, while Japan’s slipped by 0.23%. South Korea KospiThe hovered fractionally higher.

Australia’s S&P/ASX 200It grew by 0.44%

MSCI’s Asia-Pacific broadest index, which is not based on Japan, traded at 0.71% less.

Oil and currencies

It U.S. dollar indexThe indices that track the greenback in relation to a basket belonging to its peers were at 99.786, having recently crossed the 100 threshold.

It Japanese yenThe dollar traded at 124.38 dollars, which is weaker than the levels of 123.2 last week. The Australian dollarFollowing a drop of over $0.763 last week, the value was 0.74444.

Petroleum prices fell in the early hours of Asia trade, while international benchmarks were higher Brent crude futures1.59 % to $101.15/barrel U.S. crude futuresDrop 1.67% to $96.62 a barrel