Asia-Pacific shares largely fall despite overnight Wall Street highs

Asia-Pacific shares largely fall despite overnight Wall Street highs

SINGAPORE – Asia-Pacific stocks were especially lower in trading Tuesday morning, despite overnight gains on Wall Street, pushing the Dow Jones Industrial Average and S&P 500 to record highs.

In Japan, the Nikkei 225 rose 0.18% in morning trading, while the Topix index fell fractionally. South Korea’s Kospic 0.57% down.

Mainland China equities were mixed, with the Shanghai composite float slightly higher while the Shenzhen component: was slightly lower. Hong Kong Hang Seng Index fell 0.17%.

The S&P/ASX 200 inch Australia, on the other hand, fell 0.8%.

Minutes from the Reserve Bank of Australia’s The August monetary policy meeting, released Tuesday, showed that the central bank acknowledged that outbreaks of the delta variant and associated lockdowns had “introduced a high degree of uncertainty into the outlook for the second half of 2021”.

Investors remain the Covid situation in Australia, with the country’s largest cities currently being shut down.

MSCI’s broadest index of Asia-Pacific equities outside of Japan was down 0.49%.

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Overnight, the Dow rose 110.02 points to 35,625.40, while the S&P 500 gained 0.26% to 4,479.71. The Nasdaq Composite lagged 0.2% to 14,793.76.

Investors look ahead to US Retail Sales Data, which will be released Tuesday by the Census Bureau. Economists polled by Dow Jones are calling for a 0.3% drop for last month after June showed a surprising reading of a 0.6% jump.

Currencies and Oil

The US dollar index, which tracks the greenback against a basket of its counterparts, stood at 92,642 – still struggling to recover from a recent drop above 92.8.

The Japanese Yen traded at 109.24 per dollar, stronger than levels above 109.5 seen against the dollar yesterday. The Australian dollar changed hands at $0.7308, after yesterday’s decline from above $0.735.

Oil prices were higher in the morning of trading hours in Asia, with international benchmark Brent crude futures up 0.36% to $69.76 a barrel. US crude futures gained 0.4% to $67.56 a barrel.

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