Stocks in Asia Pacific under pressure, U.S. dollar rebounds

Lola Evans
14 Nov 2022, 18:18 GMT+10

Stocks in Asia were under pressure on Monday as the bullish moves following Thursday's less-than-expected CPI figure began to fade.
"The CPI downside surprise aligns with a broad range of indicators pointing to a downshift in global inflation."
"This positive message needs be tempered by the recognition that downshifts in inflation will be too little."

SYDNEY, NSW, Australia - Stocks in Asia were under pressure on Monday as the bullish moves following Thursday's less-than-expected 7.7 percent CPI figure began to fade.

"The CPI downside surprise aligns with a broad range of indicators pointing to a downshift in global inflation that should encourage a moderation in the pace of monetary policy tightening at the Fed and elsewhere," Bruce Kasman, head of economic research at JPMorgan told Reuters Monday.

"This positive message needs be tempered by the recognition that downshifts in inflation will be too little for central banks to declare mission-accomplished, and more tightening is likely on the way."

In Japan, the Nikkei 225 shed 300.10 points or 1.06 percent to close Monday at 27,163.47.

China's Shanghai Composite fell 3.89 points or 0.13 percent to 3,083.40.

In New Zealand, the S&P/NZX 50 declined 79.79 points or 0.71 percent to 11,231.97.

South Korea's Kospi Composite slid 8.51 points or 0.34 percent to 2,714.65.

The Australian All Ordinaries was last, down just 0.10 of a single point at 7,350.20.

Going against the trend, the Hang Seng in Hong Kong gained 294.05 points or 1.70 percent to 17,619.71.

The U.S. dollar was a tad higher on profit-taking during the Asian trading zone Monday. The euro dipped to 1.0323 by the Sydney Close Monday. The British pound softened to 1.1785. The Japanese yen was little changed at 139.50. The Swiss franc eased to 0.9471.

The Canadian dollar advanced to 1.3267. The Australian dollar edged down to 0.6693. The New Zealand dollar was a touch lower at 0.6094.