Investing.com-- Most Asian stocks drifted higher on Wednesday tracking gains in the technology sector, while Australian shares fell sharply as hotter-than-expected inflation data ramped up concerns over higher interest rates.
Wednesday’s CPI reading showed inflation moving further away from the RBA’s 2% to 3% annual target range- a scenario that is likely to invite more hawkishness from the central bank. Australian bond yields also shot up after the print.index was the best performer in Asia, rising 0.9% on gains in heavyweight technology stocks, particularly chipmakers. Gains in chipmakers also saw South Korea’s
Sentiment towards China remained largely on edge amid concerns over a potential trade war with the West, especially after Beijing flagged such a possibility in the face of European tariffs on imports of Chinese electric vehicles.
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