© Reuters

By Zhang Mengying

Investing.com – Asia Pacific stocks were up on Wednesday morning amid concerns about the economic outlook ahead of U.S. inflation data which might show inflation hit a fresh four-decade high.

Japan’s gained 0.40% by 10:49 PM ET (2:49 AM GMT).

South Korea’s jumped 0.89%. South Korea’s central bank delivered earlier in the day to bring down soaring prices.

In Australia, the inched up 0.08%.

Hong Kong’s was up 0.81%.

China’s edged up 0.16% while the was down 0.88%.

‘Treasuries were steady. The 10-year yield at one point Tuesday was 12.4 basis points below the 2-year rate, a level unseen since 2007. Oil extended the tumble to about $95 a barrel.

Investors now await for more clues on the U.S. Federal Reserve’s monetary policy path, which is due later in the day. Analysts predicted that the print would hit a pandemic peak in June from a year earlier, the largest jump since 1981.

“This is widely expected to be a really strong print,” New York Life Investments economist and portfolio strategist Lauren Goodwin told Bloomberg.

“Even if it is not, I don’t think that changes the Fed’s perspective in a couple of weeks. We won’t have enough evidence that inflation is convincingly turning over.”

The International Monetary Fund cut its growth forecasts for the U.S. economy and warned that a broad-based surge in inflation poses “systemic risks” to both the country and the global economy.

In Asia Pacific, investors are worried about another round of COVID-19 lockdowns could harm the global economy.

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