Asian shares trend lower after Wall St ends with weekly loss

Shares slipped Monday in most Asian markets after Wall Street benchmarks ended last week with a decline.

Stocks fell in Tokyo, Hong Kong, Shangha and Seoul but rose modestly in Sydney.

Japan reported its wholesale prices were near a 13-year high in August, adding to concerns over inflation as the country prepares for a leadership transition.

Prices have surged in the world's three largest economies, and elsewhere, as supply chain troubles, shipping bottlenecks and other disruptions arising from the pandemic hinder a return to normal growth.

Tokyo's Nikkei 225 declined 0.3% to 30,287.09 and the Hang Seng in Hong Kong lost 2.4% to 25,585.03. In Seoul, the Kospi shed 0.5% to 3,110.61, while the S&P/ASX 200 picked up 0.2% to 7,413.70. The Shanghai Composite index edged 0.1% lower to 3,697.94.

Shares fell in Taiwan and Southeast Asia.

“Cautious sentiments largely follow through with the downside move for U.S. markets last week, amid growth concerns along with rising inflationary pressures," Jun Rong Yeap of IG said in a commentary.

Price pressures add to the likelihood that the Federal Reserve and other central banks might move sooner to nudge interest rates up from the ultra-low levels they have been kept at to help fend off the worst impacts of the pandemic.

On Friday, stocks pulled back and the S&P 500 lost 0.8% in its fifth straight decline, ending 1.7% lower for the week.

Stocks have traded in a narrow range for several weeks as many investors stick to the sidelines waiting to get a fuller understanding of where the economy is headed and how the pandemic is impacting businesses.

The S&P 500 fell 34.70 points to 4,458.58. The Dow Jones Industrial Average lost 0.8% to 34,607.72. The tech-heavy Nasdaq composite sank 0.9%, to 15,115.49.

The Russell 2000 index...