Asia-Pacific stocks slide after data shows U.S. consumer inflation surged in October

  • Asia-Pacific stocks were lower in Thursday morning trade.
  • Australia's jobs data for October is set to be released at 8:30 a.m. HK/SIN.
  • Data released overnight showed the U.S. consumer price index in October seeing its biggest surge in more than 30 years.

SINGAPORE — Asia-Pacific stocks were lower in Thursday morning trade after data released overnight showed U.S. consumer inflation spiked in October.

The Nikkei 225 in Japan fell 0.16% in early trade while the Topix index dipped about 0.1%. South Korea's Kospi shed 0.86%.

Australian stocks also declined as the S&P/ASX 200 fell 0.53%. Australia's jobs data for October is set to be released at 8:30 a.m. HK/SIN.

MSCI's broadest index of Asia-Pacific shares traded 0.3% lower.

U.S. consumer inflation surge

Data released overnight showed the U.S. consumer price index in October seeing its biggest surge in more than 30 years.

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Major indexes on Wall Street fell following the inflation data release, with the Dow Jones Industrial Average dropping 240.04 points to 36,079.94 while the S&P 500 shed 0.82% to 4,646.71. The Nasdaq Composite lagged as it dropped 1.66% to around 15,622.71.

Meanwhile, U.S. Treasury yields climbed following the consumer price data release. The yield on the benchmark 10-year Treasury note last stood at 1.5699%. Yields move inversely to prices.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.85 after seeing levels below 94 earlier.

The Japanese yen traded at 113.92 per dollar, weaker than levels below 113 seen against the greenback yesterday. The Australian dollar was at $0.7332, still off levels above $0.74 seen earlier this week.

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