Stock prices mixed in Asia as inflation data shows

Stock prices mixed in Asia as inflation data shows

SYDNEY, NSW, Australia stock prices in Asia were mixed on Wednesday. The UK Office for National Statistics revealed Wednesday that inflation in the UK had hit a 40 year high in September, and was 10.1 percent an annualized. Although shares have managed to find technical support in recent days, they could bounce further the downside risks for shares remain high, according to Shane Oliver, chief economist at AMP Capital.

New Zealand's S&P NZX 50 was the biggest mover percentage-wise in Asia on Wednesday, adding 69.31 points or 0.64 percent to 10,916. In Tokyo, the Nikkei 225 increased 101.24 points or 0.37 percent to 27,257. The Australian All Ordinaries rose 23.60 points or 0.34 percent to 6,999. The Kospi Composite, which was against the trend, fell 9.59 points or 0.43 percent to 2,240. The Hang Seng in Hong Kong was down 285 points at the time of writing.

The U.S. dollar gained ground Wednesday in the Asian trading zone. The British pound dropped sharply after the report showed inflation spiking higher. The pound dropped to 1.1298 by the close of Sydney Wednesday.

The euro fell to 0.9831. The Japanese yen was little changed but was soft at 149.38. The Swiss franc was unchanged at 0.9972.

The Canadian dollar was down to 1.3758. The Australian dollar was down to 0.6295. The New Zealand dollar was slightly lower at 0.5679.

Overnight on Wall Street, the Dow Jones industrials surged 337.98 points or 1.12 percent to 30,523. The Nasdaq Composite gained 96.60 points or 0.90 percent to 10,772. The Standard and Poor's 500 rose 42.03 points or 1.14 percent to 3,769.