© Reuters. Asian equities were mixed in morning trade on Wednesday
Investing.com – Asian equities were mixed in morning trade on Wednesday as markets struggled to find direction. China’s factory inflation in March was in focus as data showed it slowed for the fifth month.
The (PPI) rose 3.1% in March from a year earlier, compared with the 3.7% in February and the projected 3.3% rise, the National Bureau of Statistics (NBS) said on its website. On a month-on-month basis, the PPI fell 0.2%.
Meanwhile, the (CPI) gained 2.1% from a year earlier, missed the expectation of 2.6% and slowed from February’s gain of 2.9% as the effects of booming demands spurred by the Chinese New Year Holiday receded.
The gained 0.9% while the rose 0.8% by 1:16PM ET (05:16 GMT). Hong Kong’s traded 0.9% higher in afternoon trade.
Although not a directional driver, the People’s Bank of China’s governor Yi Gang said at the Boao forum on Wednesday that China would allow more foreign banks in the country’s financial sector this year. Yi then reiterated that China and the U.S. should approach their trade issues in “rational ways”, and that the central bank would not let the yuan depreciate.
Overnight, The advanced 1.8%, the rose 1.7% and the added 2.1%. Chinese president Xi’s speech on Tuesday at the Boao forum continued to be cited as tailwind for equities as it helped ease fears over a trade war between China and the U.S.
Xi promised on Tuesday to further open up its economy and cut import tariffs. In response, U.S. president Trump praised his speech and said he looked forward to making “great progress” with China.
“Very thankful for President Xi of China’s kind words on tariffs and automobile barriers,” Trump said on Twitter. “Also, his enlightenment on intellectual property and technology transfers. We will make great progress together!”
The traded 0.3% lower. Japan’s February core unexpectedly rose 2.1%, versus the estimated 2.5% decline.
Elsewhere, Australia’s slipped 0.4%, while South Korea’s lost 0.2%.
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