Asian Shares Slip as U.S. Producer Inflation Slows to 4.7%
Updated
Updated · The Independent · Aug 14
Asian Shares Slip as U.S. Producer Inflation Slows to 4.7%
3 articles · Updated · The Independent · Aug 14
Summary
Hong Kong’s Hang Seng fell 1%, Shanghai lost 0.5% and Australia’s ASX 200 dropped 1.1% on Friday, while U.S. futures were little changed after softer-than-expected July U.S. inflation data.
U.S. wholesale prices rose 4.7% from a year earlier, down from 5.5% in June, helping Wall Street extend gains Thursday with the S&P 500 up 0.7% to a record 7,798.99.
That cooling inflation print strengthened expectations the Federal Reserve may delay another rate hike, a move markets see as less necessary with oil prices also retreating.
Brent crude, after falling 2.1% Thursday, steadied near $87.06 a barrel Friday, though supply worries persist as Middle East tensions and fighting in Yemen keep traders on edge.