Asia-Pacific markets fall after U.S. inflation rises faster than expected

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Overnight in the U.S., stocks declined following the inflation report.

The Dow Jones Industrial Average dropped 208.54 points, or 0.67%, to 30,772.79, while the S&P 500 slid 0.45% to 3,801.78. The Nasdaq Composite fell 0.15% to close at 11,247.58.

The yield curve inversion in U.S. Treasurys, seen as a recession signal, widened on Wednesday stateside. The 2-year yield last stood at 3.1817%, higher than 2.9465% for the 10-year note. Yields move inversely to prices.

In economic data, Singapore’s Ministry of Trade and Industry said the country’s gross domestic product grew 4.8% in the second quarter of 2022 compared to the same period a year ago. That’s up from 4% in the first quarter of the year.

Australia will report unemployment data later today.

Taiwan’s chipmaker TSMC and Japan’s Fast Retailing are due to report earnings Thursday as well.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, briefly slipped below 108, but was last at 108.273.

The Japanese yen traded at 137.63 per dollar, and the Australian dollar changed hands at $0.6731.

Oil futures fell in Asia trade. U.S. crude slipped 0.48% to $95.84 per barrel.

— CNBC’s Jeff Cox and Yun Li contributed to this report.

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