BEIJING—Asian stock markets fell Wednesday after Australian inflation increased, highlighting global pressure for prices to rise, while investors looked ahead to U.S. economic growth data due out this week. Shanghai, Tokyo, and Hong Kong all retreated. Wall Street’s S&P 500 index rose 0.2 percent on Tuesday to its second high in two days, driven by strong earnings reports by some major companies. Australia’s underlying inflation rose by 0.7 percentage points to an annual rate of 2.1 percent in the three months ending in September, the government reported. Fuel costs rose by a record 7.1 percent. Investors worry rising inflation as economies recover from the coronavirus pandemic might put pressure on central banks to roll back economic stimulus that is boosting stock prices. “A jump in Australian core inflation highlighted intensifying cost pressures in the global economy,” said Anderson Alves of ActivTrades in a report. Investors were waiting for U.S. economic …