An inflatable bull is seen during a ceremony for this year’s first day of trading at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty Images
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Most Asia-Pacific markets rose on Tuesday, with South Korea’s benchmark Kospi hitting a two-year high as investors digested a fresh batch of economic data.
Japan’s service producer price index in February was 2.1%.timeNikkei 225 It ended flat at 40,398.03 points, while the broader Topix ended 0.11% higher at 2,780.80 points.
Singapore’s manufacturing output increased by 14.2% in February compared with January. Manufacturing fell 6.7% in January.Nationwide straits times index up 1.31%.
Korean Cospi It rose 0.71% to 2,757.09, having hit its highest level since February 2022 earlier in the day. The small-cap Kosdaq index closed up 0.26% at 916.09 points, hitting its highest level since September.
In Australia, S&P/ASX 200 Index After being close to its all-time high on Monday, it fell 0.41% to close at 7,780.20 points.
Hong Kong’s Hang Seng Index rose 1.1%, driven by energy and industrial stocks, while mainland China’s CSI 300 Index rose 0.51% to 3,543.75 points.
All three major U.S. stock indexes fell overnight Dow Jones Industrial Average down 0.41%, S&P 500 Index fell 0.31%, while Nasdaq Index down 0.27%.
Sam Stovall, chief investment strategist at CFRA Research, noted that the stock market has become expensive, with the S&P currently trading at a 33% premium to its average price-to-earnings ratio over the past 20 years.
“We are coming off the post-FOMC highs,” he told CNBC, referring to last week’s Federal Open Market Committee meeting. “The market is increasingly vulnerable to market declines or price retracements.”
—CNBC’s Lisa Kailai Han and Pia Singh contributed to this report
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