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Asian stocks lose ground as traders await US inflation data

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The focus is on US consumer price index data that many hope will persuade the Fed to step back from aggressive interest rate hikes

Stock prices displayed inside the trading gallery of the RHB Investment Bank Bhd. headquarters in Kuala Lumpur, Malaysia. File photo: BLOOMBERG/SAMSUL SAID

China’s CSI300 index and the Shanghai Composite index fell 0.33% and 0.21% respectively as a fears of a surge in Covid-19 infections after the dismantling of key parts of government’s zero-Covid policy clouded the outlook for the world’s second-biggest economy. Treasury secretary Janet Yellen struck a cautious note on Sunday, saying she expected a substantial slowdown in 2023 inflation, but that the US economy remained prone to shocks.

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Global stocks fall ahead of key inflation data, interest rates decisionsThe Fed on Wednesday, and the ECB and Bank of England on Thursday are expected to all raise rates by 50 basis points, a slowing down from the 75 basis point hikes seen in recent meetings
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