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Hong Kong stocks drop 2% as Asia-Pacific markets fall ahead of U.S. inflation data

Shares in the Asia-Pacific fell Thursday as investors await U.S. inflation data, a key metric closely watched by the Federal Reserve, and as U.S. midterm results continue to roll in.

Hong Kong’s Hang Seng Index fell 2.44% in early trade as Hang Seng Tech Index dropped more than 3%.

In mainland China, the Shenzhen Component declined 0.79%, while the Shanghai Composite Index lost 1.04%.

The Nikkei 225 in Japan shed 0.94% in early trade and the Topix declined 0.65%. In South Korea, the Kospi

dropped 0.15%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%.

In Australia, the S&P/ASX 200

was down 0.35%.

.N225Nikkei 225 Index*NIKKEI27428.89-287.54-1.04
.HSIHang Seng Index*HSI16053.71-304.81-1.86
.AXJOS&P/ASX 200*ASX 2006966.6-32.7-0.47
.KS11KOSPI Index*KOSPI2405.03-19.38-0.8
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1007039.9-115.09-1.61

Chipmakers Semiconductor Manufacturing International Corporation and Taiwan Semiconductor Manufacturing are slated to report earnings later in the day as well as Apple supplier Foxconn


Overnight on Wall Street, stocks closed lower as results of the elections provided no clear answers about who would control Congress yet. A crypto selloff also weighed on markets. Looking ahead, economists are expecting the October consumer price index rose 0.6% from September, according to a Dow Jones poll.

Crypto is the ‘wild Wild West’ with 99% noise and confusion, Fed’s Kashkari says

Neel Kashkari, who once called bitcoin an “utterly useless” currency, is at it again.

Late Wednesday, the Minneapolis Fed president slammed cryptocurrencies, calling it the “wild Wild West and chaos all rolled into one.”

Speaking at an event at South Dakota State University, Kashkari said the “fatal flaw” in the virtual asset is that anyone can create those coins and it makes them “hard to distinguish.”

“For several years I’ve been saying it’s 95% noise hype and confusion and I think that 95% might be generous — it might be 99% noise, hype and confusion based on what’s going on right now,” he said, adding that he has yet to see anything useful coming from cryptos.

Search : CNBC https://www.cnbc.com/2022/11/10/asia-pacific-markets-cpi-nikkei-smic-tsmc.html