A bull statue is seen in the Lujiazui Financial District in Pudong, Shanghai, China, Monday, Oct. 21, 2024.
Shen Qilai | Bloomberg | Getty Images
Asia-Pacific markets opened mostly higher on Tuesday after Wall Street fell and the S&P 500 and Nasdaq Composite retreated from record highs ahead of key inflation data.
Asian traders assessed “more aggressive” fiscal measures and “moderately” loose monetary policy announced by Beijing next year to boost domestic consumption.
This message comes from official reading Hong Kong’s Hang Seng Index rose nearly 3% after mainland China’s stock market closed on Tuesday night.
Hang Seng Index The futures index was at 21,359 points, higher than the Hang Seng Index’s last closing price of 20,414.09 points.
Investors are also awaiting Australia’s interest rate decision scheduled for later in the day. A Reuters poll predicts that the Reserve Bank of Australia will maintain the benchmark interest rate at 4.35% for the 10th consecutive time.
Australia’s S&P/ASX 200 index fell 0.25%.
Japanese Nikkei 225 Index It was up 0.75% in early trading, with the Topix rising 0.85%.
South Korea’s benchmark KOSPI rose 1.5% and the small-cap Kosdaq rose 2.75% as investors continued to focus on the country’s political situation.
In the United States, technology stocks struggled on Monday as investors braced for key inflation data due this week.
The S&P 500 index fell 0.61% to close at 6,052.85 points; the Nasdaq index, which is dominated by technology stocks, fell 0.62% to close at 19,736.69 points. The Dow Jones Industrial Average fell 240.59 points, or 0.54%, to close at 44,401.93 points.
Shares of artificial intelligence leader Nvidia fell about 2.6% after Chinese regulators announced they were investigating whether the artificial intelligence chip giant may have violated China’s antitrust laws.
Another chipmaker, Advanced Micro Devices, closed down 5.6%, while technology giants Meta Platforms and Netflix were also in trouble.
Bitcoin prices have also retreated after surpassing $100,000 for the first time last week, a sign that investors may be averse to risk assets.
—CNBC’s Sean Conlon and Sarah Min contributed to this report.
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