Stock market today: Asian shares are mostly higher ahead of a US report on inflation
BEIJING (AP) — Shares were mostly higher in Asia on Tuesday ahead of a report on inflation in the U.S. that could sway the Federal Reserve’s timing on cutting interest rates.
U.S. futures and oil prices were higher.
Japan's Nikkei 225 lost less than 0.1% to 38,797.51, retreating further from its recent record highs as expectations build that the central bank will raise its negative benchmark interest rate next month.
That speculation has pushed the Japanese yen higher against the U.S. dollar. Early Tuesday, the dollar was trading at 147.41 yen, up from 146.95 yen. Recently the dollar was trading at about 150 yen.
Chinese markets were mixed, with Hong Kong's Hang Seng up 3.2% at 17,124.19, led by property developers and technology companies.
Financially challenged developer Country Garden's shares jumped 5.2%. China Evergrande, which is struggling to repay debts amounting to over $300 billion, jumped nearly 28%, and Sunac China Holding added 10%.
Online food delivery company Meituan surged 4.9% and e-commerce company JD.com jumped 10%.
The Shanghai Composite index retreated, losing 0.4% to 3,055.94.
Elsewhere in Asia, the S&P/ASX 200 edged 0.1% higher to 7,712.50. South Korea's Kospi advanced 0.8% to 2,681.81.
On Monday, the S&P 500 slipped 0.1% to 5,117.94, remaining near its all-time high set Thursday.
Prices have been buoyed by expectations that cuts to interest rates are coming this year and by signals that the economy remains remarkably resilient.
The Dow Jones Industrial Average rose 0.1% to 38,769.66 and the Nasdaq composite fell 0.4% to 16,019.27.
Tuesday’s report on prices Americans pay could show inflation remained at 3.1% in February, if economists’ forecasts are correct.
A month ago, a...