Asian stocks retreat amid US, China CPI jitters

Investing.com-- Most Asian stocks fell on Thursday, tracking overnight declines on Wall Street after hotter-than-expected U.S. inflation eroded bets on early interest rate cuts by the Federal Reserve.

Inflation data from China also showed Asia’s largest economy remained stuck in a sustained deflationary trend, further denting sentiment.Chinese stocks fall after CPI shrinks more than expected in Marchalso indicated little signs of economic recovery in China, which has been struggling with a sustained deflationary trend over the past year.

Weakness in China bodes poorly for broader Asian economies, given that they rely on the country as a major trading partner.fell 0.8% as recent gains in commodity prices provided only a limited boost to heavyweight mining stocks. Concerns over China also weighed on Australian stocks, given their heavy exposure to the mainland.Other Asian markets also retreated on Thursday, dented by the prospect of higher-for-longer U.S. interest rates.

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