Asian Shares Muted Ahead Of US CPI Data

(RTTNews) - Asian stocks ended little changed on Wednesday after reports emerged that U.S. President-elect Donald Trump's economic advisers are discussing slowly ramping up tariffs month by month.

Investors also digested soft U.S. producer inflation print and waited for the release of December CPI data later in the day for greater clarity on the path of Federal Reserve rates over the coming months.

The dollar rally paused, helping oil and gold prices push higher in Asian trade.

China's Shanghai Composite index dipped 0.43 percent to 3,227.12 ahead of Chinese 2024 GDP data due later in the week. Hong Kong's Hang Seng index rose 0.34 percent to 19,286.07 after a choppy session.

Japanese markets ended little changed and the U.S. dollar dropped to the lower 157-yen range after Bank of Japan Governor Kazuo Ueda said in a speech that the central bank would discuss whether to raise interest rates at its monetary policy meeting next week.

The Nikkei average finished marginally lower at 38,444.58, extending its losing streak to five days and hitting its lowest level in over a month. The broader Topix index settled 0.31 percent higher at 2,690.81.

Nintendo shares rallied 2.5 percent amid expectations the games giant will soon release its much-anticipated Switch 2 console.

Seoul stocks ended little changed, with the Kospi average finishing marginally lower at 2,496.81 after impeached President Yoon Suk Yeol was arrested in connection with his failed declaration of martial law last month.

Australian markets dipped slightly ahead of the closely watched U.S. inflation data later in the day. The benchmark S&P/ASX 200 slid 0.22 percent to 8,213.30, dragged down by tech stocks.

Wisetech Global and Infomedia fell 4-5 percent. The broader All Ordinaries index closed 0.18 percent lower at 8,456.80.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.46 percent to 12,943.57.

U.S. stocks fluctuated before ending narrowly mixed overnight as data showed producer prices rose by slightly less than expected in December, offering temporary relief to investors worried about inflation and interest rates.

The Dow rose half a percent and the S&P 500 inched up by 0.1 percent while the tech-heavy Nasdaq Composite eased 0.2 percent.