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Stock market today: Asia dips ahead of U.S. inflation report

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Asian shares declined in muted trading Wednesday as investors awaited an upcoming report on inflation in the United States, an important indicator for where interest rates and global growth might go in the coming months.

Japan's benchmark Nikkei 225 lost 0.4% in afternoon trading to 29,136.92. Australia's S&P/ASX 200 inched down 0.1% to 7,255.70. South Korea's Kospi slipped 0.9% to 2,488.42. Hong Kong's Hang Seng dipped 0.4% to 19,783.56, while the Shanghai Composite shed 1.4% to 3,309.98.

"Market reaction is expected to be skewed in the event of a miss on the data, as the Fed has indicated it is prepared to raise interest rates again if needed," said Anderson Alves at ActivTrades. "Companies have been able to do pretty well," said Margie Patel, senior portfolio manager at Allspring Global Investments.

The next big milestone for the market will be Wednesday's report on inflation at the consumer level. Inflation has come down from its peak last summer, but it remains stubbornly high. That's raised uncertainty about what the Federal Reserve's next move will be. Worries about a recession and expectations for possible cuts in rates by the Fed have caused yields to pull back since early March.

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