Asian Stock Market: Uncertainty persist as investors await US Inflation, oil corrects to near $73.00

inflation data. The bigger picture for the global market is the US Consumer Price Index data as US debt ceiling negotiations have adjourned till Friday.

At the press time, Japan’s Nikkei225 dropped 0.50%, Shanghai plunged 1.40%, Hang Seng battered 0.64%, and Nifty50 slipped 0.18%. report for April was extremely solid, investors are worried that a rebound in US inflation would renew fears of more interest rate hikes from the Federal Reserve . As per the estimates, monthly headline and core CPI are seen rising at a pace of 0.4% higher than the pace recorded in March.

Japanese equities are expected to show a power-pack action ahead of the release of the Bank of Japan Summary of Opinions. The Summary of Opinions will provide a detailed explanation behind keeping the monetary policy ultra-dovish in April.have witnessed some correction after failing to extend recovery above $74.00 as investors are awaiting the oil inventory data for the week ending May 05 to be released by US Energy Information Administration .

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