"Asian equities struggled for direction after weak inflation data in China pointed to weakening demand," said Stephen Innes, managing partner at SPI Asset Management.Recent data reflect very low inflation and weak credit extensions in China, which all indicate slowing growth as the initial jump from the nation dropping pandemic-related restrictions fades, he said.
A surprisingly sharp drop for The Walt Disney Co. after reporting it lost streaming subscribers last quarter dragged on shares on Wall Street. Helping to limit the losses for the overall market was a report showing U.S. inflation at the wholesale level was a bit cooler last month than economists expected. It followed a report from the prior day that showed inflation at the consumer level was also behaving largely as forecast.
But a cooling labor market would also carry a benefit for the Fed, which fears that a too-hot job market could put upward pressure on inflation.
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