Asian markets mostly mixed

Asia-Pacific markets displayed mixed performance on Wednesday, despite key Wall Street benchmarks rising following dovish remarks from U.S. Federal Reserve Chairman Jerome Powell. Powell cautioned against maintaining high interest rates, noting that delaying policy relaxation could significantly dampen economic activity and employment.

In Asia, investors are scrutinizing inflation data from China and Japan. China’s consumer price index rose by 0.2% in June, missing the expected 0.4% increase and down from May’s 0.3%. The producer price index fell 0.8% year-on-year, matching expectations and softer than May’s 1.4% decline. Consequently, Hong Kong’s Hang Seng index rose by 1.01%, while the CSI 300 fell 0.4%.

Reuters reported that Ping An Insurance, China’s largest insurer, is considering issuing $5 billion in convertible bonds.

Japan’s corporate goods price index rose to 2.9% in June, up from May’s revised 2.6%. The Nikkei 225 gained slightly, while the Topix declined by 0.21%. South Korea’s Kospi edged up 0.13%, though Samsung Electronics shares fell 0.22% due to union strike news.