Stock Market Today: Asian Stocks Mixed Ahead of Key US Consumer Inflation Data

Hong Kong, December 11: Asian stocks were mixed on Wednesday after USF indexes drifted lower on Tuesday ahead of an update on US consumer inflation due later in the day. US futures were mixed and oil prices rose.

The Hang Seng in Hong Kong lost 0.8 per cent to 20,182.38 while the Shanghai Composite index advanced 0.3 per cent to 3,432.49 as leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. Stock Market Today: Indian Market Opens Flat, All Adani Shares Trade in Green.

Earlier this week, top Chinese leaders agreed on a “moderately loose” monetary policy during a meeting of the ruling Communist Party's Politburo. That's the first move in 10 years away from a more cautious, “prudent” stance. Readouts from state media hinted at more robust stimulus to support the world's second-largest economy, but analysts remained sceptical about any dramatic measures.

South Korea's market rose for a second straight day, recovering from last week's political turmoil. The Kospi added 1 per cent to 2,442.51. Japan's benchmark Nikkei 225 was little changed at 39,372.23 after data showed that Japan's wholesale inflation in November rose 3.7 per cent year-on-year, marking three consecutive months of increases and adding to pressure on the Bank of Japan to raise interest rates. Indian Stock Market Opens in Green, Sensex Surges 459 Points While Nifty Gains 139 Points.

Japan's central bank will hold a two-day policy meeting next week. Markets widely expect the bank to raise short-term interest rates from the current level of 0.25 per cent. Australia's S&P/ASX 200 dipped 0.5 per cent to 8,353.60.

On Tuesday, the S&P 500 dipped 0.3 per cent to 6,034.91, a day after pulling back from its latest all-time high. Those were the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has the benchmark index on track for one of its best years of the millennium.

The Dow Jones Industrial Average fell 0.3 per cent to 44,247.83, and the Nasdaq composite slipped 0.3 per cent to 19,687.24. Wednesday's update on consumer inflation and a report Thursday on inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect this year's third cut to interest rates.

The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2 per cent target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation.

Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year. The yield on the 10-year Treasury rose to 4.22 per cent from 4.20 per cent late Monday. Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn, remaining high. That has hampered the housing industry, and homebuilder Toll Brothers' stock fell 6.9 per cent even though it delivered profit and revenue for the latest quarter that topped analysts' expectations.

In other dealings early Wednesday, US benchmark crude oil gained 22 cents to USD 68.81 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 21 cents to USD 72.40 per barrel. The US dollar fell to 151.66 Japanese yen from 151.93 yen. The euro was trading at USD 1.0502, down from USD 1.0531.