Asian Stock Market: Trades lower on the downbeat Chinese data, risk-off mood

dy’s downgraded the credit ratings of several midsize and small US lenders and issued a warning about possible cuts to the ratings of larger institutions.

In China, the latest data on Wednesday showed that the Chinese Consumer Price Index YoY fell 0.3% in July from 0% prior, and the market consensus anticipated a -0.4% decline. Meanwhile, the declined 4.4% YoY, compared to the 4.1% decrease YoY expected and a 5.4% drop prior. That said, the government will implement additional measures to boost consumer expenditure and enhance local liquidity. However, officials once again provided no significant details on the planned stimulus. The government's lack of specific plans has dampened investor expectations.

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