CNBC Daily Open: Hot inflation data spooks Wall Street

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Hang Seng leads Asia losses
Hong Kong's Hang Seng index led losses in Asia dragged by consumer cyclicals and tech stocks. Mainland China's CSI 300 also fell. In Japan, the Nikkei 225 slipped, while Topix gained as investors awaited for updates on the country's spring wage talks. Overnight, Wall Street ended lower after a key U.S. inflation gauge came in hotter-than-expected and sent Treasury yields higher. The Dow lost more than 100 points, or 0.35%, snapping a three-day winning streak. The S&P 500 and Nasdaq each fell around 0.3%.

Why Japan's wage talks matter
Japan's "shunto" wage negotiations hit fever pitch this week as several corporate giants revealed salary increases. The outcome of these widely anticipated discussions is critical and could influence the Bank of Japan's decision on when to exit its negative interest rate policy.

Wealth tax in spotlight
Can a wealth tax work in reality? The issue is once again in the spotlight after U.S. President Joe Biden said he would impose a new "billionaire tax" on the country's super-rich if he wins in November. The proposals, outlined in the 2024 budget, rekindled debate about a wealth tax on the world's richest.

HSBC bullish on China
HSBC's chief financial officer told CNBC the bank is "very positive" about the mid- to long-term outlook for the Chinese economy despite current problems. Growth in China has slowed as the country continues to struggle with a real estate crisis, while exports remain sluggish. 

[PRO] Look beyond Nvidia
Investment firm