Asian Stocks Down as Investors Await U.S. Inflation Data By

© Reuters.

By Gina Lee – Asia Pacific stocks were mostly down on Tuesday morning, steadying after their U.S. equivalents snapped a five-day drop. Investors now await U.S. inflation data for clues about the U.S. Federal Reserve’s timetable to begin asset tapering.

Japan’s rose 0.79% by 9:46 PM ET (1:46 AM GMT), with the Nikkei 225 Stock Average on track for its highest close since 1990.

South Korea’s gained 0.58% while in Australia, the edged down 0.16%.

Hong Kong’s fell 0.61%.

China’s fell 0.62% and the was down 0.45%, with China due to release and on Wednesday. Chinese technology shares listed in the U.S. dropped for a fourth consecutive day as China’s regulatory tightening continues. Investors also continue monitoring China Evergrande Group’s (HK:) as protests by homebuyers, retail investors and employees escalate.

U.S. shares fluctuated after energy firms boosted the overnight and Treasury yields continued to fall.

Commodities climbed to a 10-year high, with aluminum and steel among the materials on an upward trend. European gas and power also hit records.

Investors now await U.S. consumer price index data that is due later in the day, Strong earnings reports and the continued economic recovery from COVID-19 have boosted global shares in 2021. This rally has faced challenges more recently due to COVID-19 outbreaks involving the Delta strain and inflationary pressures.

“Investors don’t want to have massive positions before the inflation data as the risks are to the upside as COVID-19 inflation continues to hamper supply chains. If inflation comes in hotter-than-expected, taper expectations could shift from December to November,” Oanda senior market analyst Edward Moya said in a note.

Meanwhile, Apple Inc. (NASDAQ:) will also hold its product-launch event later in the day.

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