BANGKOK (AP) — Shares were mixed Wednesday in Europe and Asia after an update on U.S. inflation pulled most Wall Street stocks lower, though gains for Nvidia pushed the Nasdaq to another record.

The report showed inflation in the United States accelerated to 2.7% last month from 2.4% in May. Economists said higher prices for clothes, toys and other goods that usually are imported suggest stiffer tariffs that President Donald Trump has imposed on other countries are fueling inflation.

Germany’s DAX edged 0.1% higher to 24,074.54, while the CAC 40 in Paris shed 0.1% to 7,755.90. Britain’s FTSE 100 was up 0.1% at 8,950.11.

The future for the S&P 500 fell less than 0.1% while that for the Dow industrials was little changed.

In Asian trading, tokyo’s Nikkei 225 edged less than 0.1% lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats.

Worries over a deterioration in Japan’s fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years.

“What’s at stake isn’t simply which party hands out the biggest bundle of goodies. It’s whether the walls holding up Japan’s house of debt can withstand another round of fiscal fireworks…” Stephen Innes of SPI Asset Management said in a commentary.

Elsewhere in Asia, Hong Kong’s Hang Seng shed 0.3% to 24,517.76, while the Shanghai Composite index slipped less than 0.1% to 3,503.78.

South Korea’s Kospi lost 0.9% to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8% to 8,561.80.

Taiwan’s Taiex jumped 0.9% and India’s Sensex added 0.2%. Thailand’s SET dropped 0.3%.

In Jakarta, shares rose 0.7% after President Donald Trump said on Truth Social that he plans to charge imports from Indonesia a tariff of 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft.

Indonesia’s central bank cut its key interest rate by 0.25 percentage points on Wednesday, to 5.25%.

Protecting millions of workers from mass layoffs was a crucial consideration in reaching the tariff deal, Indonesian President Prabowo Subianto said.

“We have calculated everything and discussed everything. The most important thing for me is my people, as I must protect the interests of our workers,” Subianto told reporters, adding that “this is our offer, and we are not able to give more (to the US).”

On Tuesday, the S&P 500 fell 0.4%, staying near its all-time high set last week. The Dow Jones Industrial Average dropped 1%, while the Nasdaq composite rose 0.2% to a record 20,677.80 thanks to Nvidia, the market’s most influential stock.

Nvidia said the U.S. government has assured it that licenses will be granted for its H20 chip, used for artificial intelligence, again and that deliveries will hopefully begin soon. Its 4% gain was by far the strongest force pushing upward on the S&P 500.

Wall Street loves lower interest rates because they goose prices higher for stocks and other investments, and Trump himself has been clamoring for the Federal Reserve to cut rates more quickly. But the Fed has been keeping interest rates on hold this year since lower rates can give inflation more fuel while they boost the economy. Fed Chair Jerome Powell has insisted he wants to see more data about how tariffs affect the economy and inflation.

In other dealings early Wednesday, U.S. benchmark crude oil shed 21 cents to $66.31 per barrel. Brent crude, the international standard, slipped 31 cents at $68.40 per barrel.

The dollar fell to 148.79 Japanese yen from 148.87 yen. The euro was at $1.1630, up from $1.1602.