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Asian stocks waver on China deflation worries, mixed Japan earnings

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Asian shares traded cautiously on Thursday as investors fretted about growing deflationary pressures in China and a mixed bag of Japanese earnings, while a standoff over the U.S. debt ceiling overshadowed a meeting of G7 finance leaders.

The outlook for Europe looked somewhat more upbeat, however, with pan-region Euro Stoxx 50 futures rising 0.26%, German DAX futures up 0.2% and FTSE futures up 0.17%.In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan

was down 0.1%, reversing gains in the morning session, as fresh worries about weak demand in China weighed on sentiment. China's consumer prices rose at a slower pace and missed expectations in April, while factory gate deflation deepened, official data showed on Thursday, suggesting more stimulus may be needed to boost a patchy post-COVID economic recovery.The consumer price index in April rose 0.1% year-on-year, the lowest rate since February 2021, while the producer price index fell at the fastest clip since May 2020, declining 3.6% year-on-year.

"Looking ahead, in year-over-year terms, we expect headline CPI inflation to accelerate modestly on continued economic recovery and PPI deflation to persist in the coming months," Goldman Sachs analysts said in a note.

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