Asia-Pacific Markets Slip Amid Inflation Data Anticipation
Webjet Ltd (ASX: WEB) has announced plans to split into two separately listed entities, resulting in a 0.6% decline in the company's share price. Shareholders will receive one Webjet B2C share for every Webjet Limited share they own while retaining their existing shares. The demerger is expected to be finalized in 2024, leading to the creation of two standalone companies, Webjet B2B and Webjet C2B, each with its own leadership.
In related market news, Asia-Pacific stocks experienced declines ahead of key inflation data from Australia and Japan. The Reserve Bank of Australia (RBA) may consider raising interest rates if inflation exceeds expectations. Japan's Nikkei 225 was down 0.19%, South Korea's Kospi dipped 0.39%, and the small-cap Kosdaq fell 0.54%. The S&P 500 also saw a decline as Nvidia shares fell for a second consecutive day, dropping 3.2%. The Dow Jones Industrial Average saw a minor increase of 0.04%, while the Nasdaq Composite also fell.
