Asian stocks fall as US inflation rises

Asian Stock Markets Decline After U.S. Inflation Edges Higher

The Asian stock markets faced a decline on Friday as U.S. inflation inched higher, causing concerns about the future of the largest global economy. The Shanghai Composite Index lost 1.2% in afternoon trading, reaching 3,216.68, while the Hang Seng in Hong Kong fell 0.4% to 19,165.89. In Seoul, the Kospi declined nearly 0.2% to 2,597.25, and Sydney’s S&P-ASX 200 sank 0.3% to 7,335.20. Traders hope that the U.S. inflation data will convince the Federal Reserve that inflation is under control and no further interest rate hikes are necessary.