Asian equities were mixed on Wednesday as investors awaited the outcome of the US midterm election, while China reported its first yearly drop in its producer price index since December 2020.
As of 9.23 A.M. (Thai time), the Nikkei 225 in Japan lost 0.28%, while the Kospi in South Korea gained 0.88%. In Australia, the S&P/ASX 200 rose 0.59%.
The Hang Seng index in Hong Kong dropped 0.65%. In mainland China, the Shanghai Composite slid 0.26%.
U.S. markets have gained for three days in a row overnight, with the Dow rising more than 1% for the third session in a row. A possible factor in the stock market’s recent upswing is investors’ anticipation of a Republican victory and subsequent gridlock in Congress.
For the first time since December 2020, China’s factory gate prices fell in October, while consumer inflation slowed. These trends reflect weakening domestic demand and production disruptions in the face of strict COVID controls and a struggling property market.
National Bureau of Statistics (NBS) statistics released on Wednesday indicated that the producer pricing index (PPI) decreased 1.3% from a year ago, reversing the 0.9% gain seen the previous month and contrasting with the 1.5% drop predicted by a Reuters poll.
