Asia markets slip as China's inflation rises

Asia-Pacific shares fell on Wednesday as investors digest inflation data from China and look ahead to the US CPI report, reports CNBC.

Hong Kong's Hang Seng index fell 1.96 per cent to close at 19,610.84, with the Hang Seng Tech index down 2.83 per cent. Heavyweights Meituan and JD.com fell 3.64 per cent and 4.46 per cent respectively.

Heath care, consumer and real estate stocks also dragged the Hang Seng lower, according to Eikon data.

Property developer Longfor plunged 16.4 per cent after the company reported that contracted sales for the first seven months of the year dove nearly 58 per cent compared with the same period a year ago.

Mainland China markets slipped, with the Shanghai Composite 0.54 per cent lower at 3,230.02, and the Shenzhen Component down 0.87 per cent at 12,223.51.

China's producer price index for July rose 4.2 per cent from a year ago, lower than the 4.8 per cent increase predicted in a Reuters poll.

Consumer prices increased 2.7 per cent in July compared with the same period in 2021, the most since July 2020. Analysts expected the print to stand at 2.9 per cent.