Inflation in South Korea, RBA interest rate, oil

SINGAPORE — Asia-Pacific stocks fell on Tuesday as inflation in South Korea rose and investors anticipated the Reserve Bank of Australia’s interest rate decision.

The Nikkei 225 in Japan slipped 0.87% and the Topix index lost nearly 1%.

In South Korea, the Kospi lost 0.39% and the Kosdaq fell 0.21%.

Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday. That’s in line with expectations and the fastest price acceleration since November 1998, Reuters reported.

The Bank of Korea raised rates by 50 basis points in July.

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Australia’s S&P/ASX 200 was down 0.39%.

The Reserve Bank of Australia is expected to rise 50 basis points after official data showed prices in Australia rose 6.1% in the second quarter from a year ago.

MSCI’s broadest Asia-Pacific ex-Japan equity index fell 0.28%.

Overnight in the United States, the Dow Jones Industrial Average fell 46.73 points, or 0.14%, to 32,798.40.

The S&P 500 lost 0.28% to 4,118.63 and the Nasdaq Composite lost 0.18% and closed at 12,368.98.

Currencies

The The US dollar index, which tracks the greenback against a basket of its peers, was at 105.402.

The Japanese yen was trading at 131.50 to the dollar, continuing its upward trend. The Australian dollar was at $0.7026, after rising above $0.7.

“AUD is higher as USD fell overnight amid weaker US data,” ANZ Research said in a Tuesday note.

Oil futures fell on Tuesday. U.S. crude lost 0.22% to $93.68 a barrel after falling 4.8% in the previous session, and Brent crude lost 0.25% to $99.78 a barrel. The international benchmark was 3.79% lower.