Asian markets retreat as China pledges fail to spark excitement [Video]

Asian markets fell Friday as China’s latest vows to boost the beleaguered economy failed to stir much excitement, while traders looked ahead to a key Federal Reserve policy meeting next week.

A tepid week was on course for a damp finish, with Wall Street offering a negative lead after fresh data pointing to a pick-up in inflation.

Hong Kong and Shanghai both turned lower soon after the open as investors gave a shrug to Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.

President Xi Jinping and other key leaders said they would implement a “moderately loose” monetary policy, increase social financing and reduce interest rates “at the right time”.

The annual Central Economic Work Conference was being closely watched for signs of more stimulus, though the announcement — which included stabilising foreign trade and …