Chinese stocks closed higher on Wednesday, as August inflation data accelerated from the previous month's extended lows, though persistent weakness in auto sales kept gains in check.
The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.3% higher at 3,951.51. The Shenzhen Component Index climbed 0.2% to 13,723.32.
The annual consumer price index rose to 0.8%, in line with the 0.8% consensus forecast and up from July's 0.5% low. Meanwhile, annual producer price inflation accelerated to 3.8%, surpassing the projected 3.6% and the 3.5% recorded in July.
Meanwhile, China's passenger-car retail sales fell 24% year over year to 1.5 million units in August, marking an 11th consecutive monthly decline. Sales of domestic brands dropped 19% to 1.1 million units, although their market share climbed 4.1 percentage points to around 70%.
In company news, Luzhou Bearing (SHE:301699) shares closed at 31.99 yuan apiece on their first day of trading on the Shenzhen bourse. This marked a 101% jump from the bearing manufacturer's initial public offering price of 15.88 yuan per share.
