Canberra, July 13, (dpa-AFX/GNA) - Asian stocks inched higher in cautious trade on Wednesday as investors awaited the release of a highly anticipated US inflation report later in the day.

Economists forecast headline inflation accelerated to 8.8% year-on-year in June, marking a 40-year high.

The dollar was firm against its peers while oil steadied after sliding below $100 a barrel on Tuesday amid escalating fears about an economic slowdown.

Chinese shares finished marginally higher despite renewed Covid-19 travel curbs in the country.

China’s exports grew at their fastest pace in five months in June, while imports rose at a slower pace, customs data showed today.

Hong Kong’s Hang Seng index fluctuated before ending 0.22% lower at 20,797.95.

Japan’s Nikkei index rose 0.54% to 26,478.77, after having fallen nearly 2% in the previous session. The broader Topix index ended 0.29% higher at 1,888.85, with chipmakers and airline stocks pacing the gainers.

Heavyweight SoftBank Group rallied 2.4% after reports that the startup investor was in talks with Abu Dhabi’s sovereign wealth fund for the sale of Fortress Investment Group.

Australian markets eked out modest gains as financials advanced, offsetting losses in the energy sector.

The benchmark S&P/ASX 200 rose 0.23% to 6,621.60 while the broader All Ordinaries index closed 0.31% higher at 6,807.80.

South Korea’s Kospi average gained 0.47% to finish at 2,328.61 after the Bank of Korea raised its key rate by 50 basis points, the biggest increase since the bank adopted its current policy system in 1999, to curb inflation.

New Zealand shares closed on a flat note after the country’s central bank lifted its benchmark interest rate by the same amount to 2.5%.

Taiwan’s Weighted index closed 2.7% higher after Taiwan’s finance ministry said it would activate its stock stabilization fund.

US stocks ended lower overnight as investors braced for a big week of economic data and company earnings reports.

The S&P 500 gave up 0.9% to extend losses into a third day as Treasury yield inversion stoked recession worries.

The Dow dropped 0.6% and the tech-heavy Nasdaq Composite lost 1%.

GNA

Canberra, July 13, (dpa-AFX/GNA) - Asian stocks inched higher in cautious trade on Wednesday as investors awaited the release of a highly anticipated US inflation report later in the day.

Economists forecast headline inflation accelerated to 8.8% year-on-year in June, marking a 40-year high.

The dollar was firm against its peers while oil steadied after sliding below $100 a barrel on Tuesday amid escalating fears about an economic slowdown.

Chinese shares finished marginally higher despite renewed Covid-19 travel curbs in the country.

China’s exports grew at their fastest pace in five months in June, while imports rose at a slower pace, customs data showed today.

Hong Kong’s Hang Seng index fluctuated before ending 0.22% lower at 20,797.95.

Japan’s Nikkei index rose 0.54% to 26,478.77, after having fallen nearly 2% in the previous session. The broader Topix index ended 0.29% higher at 1,888.85, with chipmakers and airline stocks pacing the gainers.

Heavyweight SoftBank Group rallied 2.4% after reports that the startup investor was in talks with Abu Dhabi’s sovereign wealth fund for the sale of Fortress Investment Group.

Australian markets eked out modest gains as financials advanced, offsetting losses in the energy sector.

The benchmark S&P/ASX 200 rose 0.23% to 6,621.60 while the broader All Ordinaries index closed 0.31% higher at 6,807.80.

South Korea’s Kospi average gained 0.47% to finish at 2,328.61 after the Bank of Korea raised its key rate by 50 basis points, the biggest increase since the bank adopted its current policy system in 1999, to curb inflation.

New Zealand shares closed on a flat note after the country’s central bank lifted its benchmark interest rate by the same amount to 2.5%.

Taiwan’s Weighted index closed 2.7% higher after Taiwan’s finance ministry said it would activate its stock stabilization fund.

US stocks ended lower overnight as investors braced for a big week of economic data and company earnings reports.

The S&P 500 gave up 0.9% to extend losses into a third day as Treasury yield inversion stoked recession worries.

The Dow dropped 0.6% and the tech-heavy Nasdaq Composite lost 1%.

GNA