Asian stock markets mixed ahead of US inflation data

Markets in Asia-Pacific were mixed on Wednesday as investors awaited key U.S. inflation data that will determine the Fed’s progress in its tightening cycle. Economists surveyed by the Dow Jones Industrial Average expect the U.S. consumer price index to rise 6 percent year over year. The Fed is now expected to raise interest rates by 25 basis points next month. Japan’s Nikkei 225 rose 0.7 percent and the Topix rose 0.8 percent. South Korea’s Kospi fell 0.05 percent. Australia’s S&P/ASX 200 rose 0.6 percent, while Hong Kong’s Hang Seng index fell 0.6 percent. In mainland China, the Shanghai Composite Index rose 0.4 percent and the Shenzhen Component Index rose 0.4 percent. The International Monetary Fund warned that the global economy is headed for the weakest growth since 1990 and downgraded its outlook for the coming years.