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AP National Business

Stocks retreat in Asia as China inflation pushes higher

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Published 10:18 PM

By ELAINE KURTENBACH
AP Business Writer

Asian shares have tracked Wall Street’s retreat, with Chinese benchmarks leading the decline after the government reported a surge in inflation in October. On Wall Street, stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data. Tesla lost 12% after its founder Elon Musk said he would sell 10% of his holdings in the electric car maker. PayPal dropped 11% after the company’s cut its full-year outlook and revenue forecasts. General Electric shares rose 2.6% after it announced it would break into three different companies.

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