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MELBOURNE, AUSTRALIA – JANUARY 31: People sit at an outdoor table near a cafe in the CBD on January 31, 2023 in Melbourne, Australia. On July 6, 2022 the Australian government lifted all COVID-19 requirements for locals and travelers ending a two-year long restriction period. (Photo by Alexi Rosenfeld/Getty Images)
Alexi Rosenfeld | Getty Images Entertainment | Getty Images
Asia-Pacific markets reversed losses to trade mostly higher on Wednesday as investors assessed China’s industrial data and Australia’s August inflation figures.
Australia’s weighted inflation rate climbed 5.2% year on year in August, in line with expectations from economists polled by Reuters, while headline inflation came in at 5.5%.
The Australian S&P/ASX 200 was the only major index in negative territory, slipping 0.11% to end at 7,030.3.
Japan’s Nikkei 225 rebounded to close 0.18% up at 32,371.9, and the Topix advanced 0.32% to end at 2,379.53.
South Korea’s Kospi climbed in the afternoon session to end marginally higher at 2,465.07, while the Kosdaq gained 1.59% to snap an eight day losing streak at 841.02.
Hong Kong’s Hang Seng index rose 0.7% in its final hour, reversing losses from Tuesday, while the mainland CSI 300 index also inched up 0.21% to close at 3,700.5.
Overnight in the U.S., all three major indexes saw a sell off after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy, with the Dow Jones Industrial Average seeing its worst day since March.
The Dow lost 1.14% and closed below its 200-day moving average for the first time since May. The S&P 500 slipped 1.47%, closing below 4,300 for the first time since June 9, while the Nasdaq Composite pulled back 1.57%.
— CNBC’s Sarah Min and Brian Evans contributed to this report
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