Asian stocks sink as rate jitters mount ahead of CPI data, Fed

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Asian stocks sink as rate jitters mount ahead of CPI data, Fed

Investing.com-- Most Asian stocks fell on Wednesday as anticipation of more cues on inflation and the Federal Reserve weighed, while reports of more U.S. trade scrutiny against China also dented sentiment.Reports said that the U.S. was considering wider trade sanctions on semiconductor exports to Russia, and could potentially target Chinese and Hong Kong chip resellers who are potentially supplying Moscow.

The increased U.S. scrutiny towards Chinese companies drummed up concerns over worsening trade ties between the world’s biggest economies. The U.S. had earlier in 2024 rolled out increased import tariffs on several major Chinese industries.The higher PPI reading also tied into the BoJ’s outlook that inflation will pick up this year, giving the bank more impetus to raise interest rates further.index pointed to a flat open after the index notched new record highs this week.

But Prime Minister Narendra Modi’s cabinet appointments, revealed this week, showed that his plans for economic reforms remained on track.Broader sentiment remained fragile before the conclusion of a two-day Fed meeting later on Wednesday, where the central bank is widely expected todata is also due on Wednesday, and is expected to show inflation remained sticky in May, giving the Fed little impetus to begin trimming rates.

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