Asia Markets React to US Inflation Data: Mixed Results for Stocks

Asia-Pacific markets were mixed as the Bank of Japan's October meeting minutes revealed discussions on how to communicate the shift in their yield control stance. Japan's inflation rate slowed to its lowest level since July 2022, while Hong Kong's Hang Seng index tumbled almost 2% due to heavyweights Tencent and NetEase plunging after China released draft rules on curbing excessive gaming and spending. In Malaysia, the inflation rate fell to its lowest level since February 2021. Oil prices rebounded after Angola's announcement of its withdrawal from OPEC. The Bank of Japan also wrestled with communicating its yield curve control policy shift in October. Meanwhile, Japan's inflation rate slowed to its lowest level since July 2022. The S&P 500 is on track for its longest weekly winning streak since 2017, and the third-quarter real GDP came in lower than expected.