Most of the Asian equity benchmarks are trading lower in the early deals on Tuesday after Wall Street closed nearly flat amid little market-moving news. Prices of oil retreated slightly after reports of a new OPEC meeting sparked a rally. Though, Chinese stocks edged up with data showing low inflation keeping alive hopes of further monetary policy easing, although real estate shares corrected after strong gains in recent sessions. Data released on Tuesday shows that China's consumer price inflation accelerated at its weakest pace in six months, although the long decline in upstream prices continued to moderate. The consumer price index (CPI) rose 1.8 percent in July from a year earlier, while the producer price index (PPI) dropped 1.7 percent. Among the other Asian markets, Taiwan, Hong Kong, Indonesia and Malaysia are marginally lower. Bucking the trend, Japan, South Korea, and Shanghai are in positive territory. Financial markets in Singapore were shut for a holiday.
Hang Seng dropped 42.50 points or 0.19% to 22,452.26, FTSE Bursa Malaysia KLCI contracted 3.19 points or 0.19 % to 1,669.49, Jakarta Composite declined 15.36 points or 0.28% to 5,443.62, and Taiwan Weighted was down by 5.99 points or 0.07% to 9,144.27.
On the flip side, Nikkei 225 gained 72.82 points or 0.44% to 16,723.39, Shanghai Composite added 8.61 points or 0.29% to 3,012.89, and KOSPI Index was up by 11.64 points or 0.57% to 2,042.76.
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