China’s consumer inflation rose only 1.8% last month, its slowest pace since January and the third consecutive month that the measure lost speed.
Consumer prices in the world’s second-largest economy has remained low compared to the 3% official target of the government this year, but the People’s Bank of China was quick to recognize that authorities were unlikely to cut interest rates benchmark.
Following the economic growth data from China, the Asian stocks impressively closed higher on Tuesday. Japan’s Nikkei 225 rose 0.7% while Taiwan Weighted climbed 0.05% to touch a new 52-week high.
South Korea’s KOSPI also joined the trend by gaining more than 0.06% at close while Hong Kong’s Hang Sang index gained 0.6%.
China’s Shanghai Composite rose 0.7% while the Australia’s S&P/ASX added 0.29%
Oil prices snapped its two-week-high as it dipped 1% on Tuesday as traders’ worries on global supply glut heightened.
Reports from trade group American Petroleum Institute also affected the extended loss of oil prices as it showed a surprised 2.1 million rise in US crude stockpiles, contrary to analysts’ expectation of 1 million-barrel decline.
The West Texas Intermediate benchmark closed at $42.77 a barrel, down 25 cents or 0.6% and fell as much as 55 cents following the announcement of API data.
Its European counterpart, Brent crude, slid to $44.76 after the release of API data and later closed at $44.98, down 41 cents, or almost 1%.
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