Stock market today: Asia dips ahead of US inflation report

Asian shares are declining in muted trading as investors await an upcoming report on U.S. inflation, an important indicator for where interest rates and global growth might go in the coming months. Benchmarks fell in afternoon trading in Tokyo, Sydney, Seoul, Hong Kong and Shanghai. Wall Street edged lower following some mixed earnings reports Tuesday. Stocks remain roughly where they’ve been stuck for more than a month. The next big milestone for the market will be Wednesday's report on inflation, which has come down but remains high. It could dictate the Federal Reserve's next move on interest rates.