Asia-Pacific markets fell on Friday as investors assessed Japan’s July inflation data and fresh blows to China’s real estate sector.
Japan’s core inflation rate fell to 3.1%, down from 3.3% in June. Headline inflation remained at 3.3%.
Meanwhile, embattled Chinese real estate giant Evergrande has filed for bankruptcy protection in a U.S bankruptcy court.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructuring from creditors.
Hong Kong’s Hang Seng index slid 1.74%, while the mainland CSI 300 index lost 0.83%.
Japan’s Nikkei 225 slipped 0.55% to cap off four days of losses in the past five sessions, ending at 31,450.76 while the Topix closed down 0.7% at 2,237.29 after the inflation reading was released.
In Australia, the S&P/ASX 200 inched up marginally and ended at 7,148.1. South Korea’s Kospi finished 0.61% lower at 2,504.5, marking a sixth straight day of losses, and the Kosdaq lost 0.98% to close at 877.32.
On Thursday in the U.S., all three major indexes lost ground as investors continued to grapple with minutes from the U.S. Federal Reserve that showed it remains concerned about inflation, and more rate hikes may be needed.
The Dow Jones Industrial Average dropped 0.84%, and closed for the first time under its 50-day moving average since June 1, a potential warning sign of a downtrend.
Meanwhile, the S&P 500 fell 0.77%, and the Nasdaq Composite declined 1.17%.
