Asian shares down on weak Chinese inflation data

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Chinese marketImage source, AFP

Asian shares ended Wednesday lower as investors digested more disappointing economic data from China.

Inflation figures were weaker than expected, and came a day after trade figures showed a steep fall in imports.

Consumer inflation slowed to 1.6% in September from 2% in August, while producer prices fell for the 43rd consecutive month.

The Shanghai Composite closed down 1% at 3,262.44, while Hong Kong's Hang Seng index was down 0.7% at 22,439.91.

China's wholesale inflation was in line with expectations, but consumer inflation was expected to rise 1.8%. The government's target for consumer inflation is about 3%.

The world's second largest economy is trying to transition away from an export-led economy towards a consumer-led one as economic growth slows.

The rest of Asia was also lower following the data with Japan's benchmark Nikkei index closing down 1.8% at 17,907.39.

Australia's S&P/ASX 200 fell 0.6% to 5,173.80, while South Korea's benchmark Kospi index dropped 0.6% to 2,007.72.

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