SINGAPORE — Shares in Asia-Pacific were mixed in Friday trade as Chinese inflation data for May came in largely in line with expectations. Investors are also looking forward to U.S. Inflation data coming out later.

Hong Kong Hang Seng indexChina’s tech giant shares were up 0.17% in trading TencentClimbing 0.71%

Hong Kong listed shares AlibabaThe stock was trading at a record high of 3%, after having fallen nearly 4% before it turned around. Contrary to Alibaba’s shares in America, which plunged 8.13% after being listed on Thursday Jack Ma’s Ant Group and Chinese regulators squashed talk of reviving Ant’s public listing.

The mainland China has the Shanghai CompositeThe gain was around 0.6% Shenzhen component jumped 1.014%.

Official data released Friday showed that Chinese producer inflation rose to May in line with predictions. According to statistics from the Bureau of Statistics of China, May’s Chinese producer price index jumped 6.4% compared to one year before. According to a Reuters poll, this was within the range of expectations.

In China, consumer inflation saw a similar increase in May to what was expected. Just below what was expected in a Reuters poll, the consumer price index grew 2.1% from a previous year.

“As [producer price index]Inflation is on a declining trend already, so it is not likely that inflation will be a constraint to further policy easing,” Zhang Zhiwei (president and chief economist, Pinpoint Asset Management) wrote Friday following data release.

Zhang indicated that Zhang expected the government to provide more stimulus, which would include a reduction in interest rates.

Even though authorities implemented Covid testing in several districts in Shanghai’s major Chinese city, Shanghai, within days of lifting a lockdown that had been in place since June 1, the rise in Chinese stock prices was not due to this.

Japan’s Nikkei 225As shares were sold, they fell by 1.41% SoftBank GroupDropped 2.56% South Korea Kospi fell 1.21%.

It S&P/ASX 200 in Australia dipped 0.8%.

MSCI’s Asia-Pacific share index outside Japan was 0.6% smaller.

Also, the U.S. will announce their May consumer price index reportThursday, Friday

Overnight stateside, the S&P 500 slipped 2.38% to 4,017.82. Dow Jones Industrial Average dropped 638.11 points or 1.94% at 32,272.79. Tech-heavy Nasdaq Composite fell 2.75%, to 11,754.23.

It U.S. dollar indexThe indices of the greenback and a basket of their peers were at 103.193, having recently crossed the 103 threshold.

It Japanese yenThe dollar traded at 134.08 dollars, struggling to rebound from the weakening of levels below 132 earlier in this week. The Australian dollarAfter a recent decline from $0.714, it was now at $0.7103

The morning Asia trading hour saw oil prices lower, as international benchmarks were used. Brent crude futuresThe barrel price has fallen to $122.48, or 0.48% below the average. U.S. crude futuresThe barrel price dropped by 0.47%, to $120.94/barrel.