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Stocks fall, Chinese yuan crosses 7 level

Pedestrians cross a road in front of an electronic listing board showing the stock prices of companies on the Tokyo Stock Exchange in Tokyo on May 13, 2021.

KAZUHIRO NOGI | AFP via Getty Images

Shares in Asia-Pacific fell Friday as investors processed US economic data and China’s industrial production and retail sales for August, which beat expectations.

The Shanghai Composite in mainland China posted some losses after the data was released, but was still down 0.49%, and the Shenzhen component was down 0.469%.

The offshore Chinese yuan weakened past 7 against the dollar overnight, last changing hands at 7.0287.

The onshore yuan also passed the 7 level in morning trading in Asia after the People’s Bank of China set its daily midpoint at 6.9305 against the dollar. It was last at 7,0169 per dollar.

Japan’s Nikkei 225 fell 1.17% and the Topix index fell 0.74%.

In Australia, the S&P/ASX 200 fell 0.98%. South Korea’s Kospi lost 0.63% and the Kosdaq lost 0.46%.

Hong Kong’s Hang Seng index fell 0.8%.

MSCI’s broadest index of Asia-Pacific stocks outside Japan was 0.75% lower.

The Nasdaq Composite fell 1.43% in the US last night to 11,552.36. The S&P 500 fell 1.13% to 3,901.35 and the Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82, its lowest close since July 14.

“Stocks and other risk-sensitive markets [will] struggling as it becomes clear that inflationary pressures in the US are well embedded and that risks to Fed Funds interest rates are on the upside,” analysts at ANZ Research wrote in a note on Friday.

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— CNBC’s Jesse Pound and Tanaya Macheel contributed to this report.

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