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 tumbled as investors shrugged at 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 supporting the troubled property sector — was unable to boost sentiment.The gathering came after Beijing began unveiling in September a raft of policies to reverse a growth slump that has gripped the economy for almost two years.Julian Evans-Pritchard of Capital Economics said it remained unclear how big a boost there would be, adding that, “while we may get a near-term stimulus bounce, we’re still not convinced that policy support will prevent the economy from slowing further next year”.And strategists at Bank of America Global Research said: “We await more evidence of implementation to assess the impact of such an indicated turnaround”.Shares fell in Tokyo even as the Bank of Japan’s closely watched Tankan survey indicated a slight increase in confidence among Japan’s major manufacturers. Sydney, Taipei, Bangkok, Jakarta and Manila also dropped while Singapore, Mumbai and Wellington edged up.Seoul reversed early losses to extend to four days a rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.The advance helped the Kospi briefly rise back above the level it sat at before Yoon’s December 3 shock.All three main indexes in New York closed in the red, with investors taking to the sidelines ahead of the Fed’s Wednesday gathering, when it is tipped to cut borrowing costs for the third time.However, there is growing concern that with inflation still above the bank’s target — and president-elect Donald Trump pledging to cut taxes and impose tariffs — officials will not make as many next year as initially hoped.”There is a risk that inflationary pressures could change the central bank’s plans,” said Charu Chanana, chief investment strategist at Saxo Markets.”Recent (consumer price index) reports show that inflation is still sticky, and if Trump’s policies — like higher fiscal spending or tariffs — are enacted, inflation could re-accelerate.”This would give the Fed less room to ease, potentially leading to a hawkish surprise for markets.”The euro was stuck around two-year lows after the European Central Bank cut rates and president Christine Lagarde warned the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.The currency was also being dragged by uncertainty in Germany and France following the collapse of the governments of both countries, the eurozone’s biggest economies.London was flat at the open as data showed the UK economy shrank 0.1 percent in October. Paris opened down and Frankfurt was up. – Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)London – FTSE 100: FLAT at 8.311,22Euro/dollar: DOWN at $1.0462 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2630 from $1.2669Dollar/yen: UP at 152.84 yen from 152.68 yen Euro/pound: UP at 82.83 pence from 82.59 penceWest Texas Intermediate: UP 0.4 percent at $70.33 per barrelBrent North Sea Crude: UP 0.4 percent at $73.67 per barrelNew York – Dow: DOWN 0.5 percent 43,014.12 (close)