(MENAFN- FxPro) Asian shares fell on Thursday in a busy data and policy day that saw China's consumer prices a focus.
The S&P/ASX 200 fell 2.26%, while the Shanghai Composite edged down 0.96%.
In China consumer prices rose 0.5%, higher than the 0.4% gain seen in August and producer prices fell 5.9%, more than the expected drop of 5.5% year-on-year, and the biggest drop in six years.
Later, Chinese Premier Li Keqiang on Thursday reaffirmed his country's economic potential, dismissing concerns about the risks that slowing growth poses to the global recovery.
"I want to tell everyone that China's current economic conditions are slowing but stabilizing and stabilizing but improving, with difficulty," he said, expressing confidence in hitting this year's growth targets. "Overall opportunities are bigger than the challenges."
He said policy measures taken previously are having an impact and that positive momentum in the economy is building with some indicators again strengthening. Li explicitly ruled out a hard economic landing, arguing that China's has ample foreign exchange reserves and plenty of policy tools left in reserve.
Earlier, in Australia the overall unemployment rate fell to 6.2% as expected from from 6.3% and 11,500 jobs were added, compared to an expected 5,000 under a participation rate of 65% as seen.
Japan's corporate goods price index for August fell 0.6%, compared to a 0.4% fall seen month-on-month, while core machinery orders dipped 3.6% in July month-on-month, well off the 3.7% gain seen.
Bank of Japan Governor Haruhiko Kuroda repeated Thursday that the BoJ will maintain aggressive monetary easing until 2% inflation is anchored but also said he will examine its various effects and consider if other policy tools are necessary to hit the target.
In his testimony to the Upper House Financial Affairs Committee, Kuroda didn't provide a direct answer to the question whether he thinks the BoJ is unlikely to raise the annual inflation rate to 2% "around" the first half of fiscal 2016 from zero now in the face of a renewed drop in energy prices.
And the New Zealand dollar slumped in Asia on Thursday after the central bank, as expected, cut its overnight cash rate by 25 basis points to 2.75%.
Overnight, U.S. stocks fell broadly on Wednesday as an early-morning rally inspired by a surge in Asian equities faded, amid sharp losses in energy stocks and a sell-off in Apple shares (NASDAQ:NASDAQ:AAPL).
The Dow Jones Industrial Average and NASDAQ Composite index dropped by more than 1% on Wednesday, as investors remained uncertain on whether the Federal Open Market Committee will hike its benchmark interest rate at a two-day meeting next week. U.S. job openings in July surged to a 15-year series high, according to a survey released by the Labor Department on Wednesday, providing support for a September rate hike. It comes on the heels of a mixed August employment report on Friday, which bolstered arguments to keep rates unchanged.
The Dow remained in correction territory after dropping 239.11 or 1.45% to 16,253.57, while the NASDAQ lost 55.40 or 1.15% to close at 4,756.53. The S&P 500 Composite index, meanwhile, dipped 27.37 or 1.39% to 1,942.04, as all 10 sectors closed in the red. Shares in the Energy, Consumer Goods and Health Care industries lagged, each falling more than 1.5%.
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