Asian stocks fall after Australia inflation accelerates

Global stock markets are lower after Australian inflation rose to a six-year high and a Chinese newspaper warned more property developers might default on bonds

BEIJING -- Global stock markets fell Wednesday after Australian inflation rose to a six-year high and a Chinese newspaper warned more real estate developers are likely to default on bonds, while investors looked ahead to U.S. economic growth data due out this week.

London and Frankfurt opened lower, shrugging off strong U.S. corporate profit reports. Shanghai, Tokyo and Hong Kong declined.

Australia reported inflation accelerated to an unexpectedly high level in the latest quarter, highlighting investor fears central banks might feel pressure to cool prices by pulling back stimulus that is pushing up stocks.

Adding to unease about Chinese finance, an official newspaper, the Global Times, cited industry analysts as saying more developers are likely to default on bonds amid pressure from regulators to cut their debt levels.