Asian stocks mostly followed Wall Street lower overnight as momentum cooled for the torrid “Trump trade” that swept US markets.

The Nikkei (^N225) slipped 1.7% on the day in Tokyo as wholesale inflation reached its highest level since July of last year.

The corporate goods price index, which measures the price changes of goods traded in the corporate sector, rose 3.4% in October year-over-year, according to Bank of Japan data. The increase was partly attributed to the decline of the Japanese yen against the US dollar.

Meanwhile the Hang Seng (^HSI) fell 0.1% in Hong Kong, dropping for a fourth day, while the Shanghai Composite (000001.SS) was 0.5% up by the end of the session.

Samsung Electronics (005930.KS) shares fell by 4.5%, reaching their lowest level in over four years.

Across the pond on Wall Street, the Dow Jones Industrial Average (^DJI) fell 0.9%, to 43,910.98, the S&P 500 (^GSPC) declined 0.3% to 5,983.99, and the Nasdaq Composite (^IXIC) was 0.1% lower to 19,281.40.

In the bond market, the yield on benchmark 10-year US Treasury notes rose to 4.440% from 4.327% late on Monday.