Asian shares showed a mixed performance on Tuesday following a rally on Wall Street that helped recover some of the losses incurred during the market's worst week in nearly a year and a half.
Japan's Nikkei 225 rose by almost 0.2% to 36,282.25, while Australia's S&P/ASX 200 gained 0.4% to 8,021.10. South Korea's Kospi, however, experienced a 0.3% decline to 2,529.02. Hong Kong's Hang Seng added 0.4% to 17,270.12, and the Shanghai Composite dropped 0.2% to 2,729.86.
Investors are now awaiting the release of the latest monthly updates on inflation at the consumer and wholesale levels later this week. The United States Federal Reserve has been using high interest rates to curb inflation and is expected to start lowering rates in September to ease pressure on the economy, focusing on protecting the job market and preventing a recession.
On Wall Street, the S&P 500 rallied 1.2% to 5,471.05, with the Dow Jones Industrial Average rising 1.2% to 40,829.59, and the Nasdaq composite gaining 1.2% to 16,884.60. Boeing saw a 3.4% increase after reaching a tentative deal with its largest union on a new contract, avoiding a potential strike that could have disrupted aircraft production. Nvidia and other Big Tech companies also rebounded, with Nvidia climbing 3.5% after a significant drop the previous week.
Apple's stock remained relatively stable after unveiling its latest iPhone model, the 16, tailored for artificial intelligence with expected improvements to virtual assistant Siri. In the bond market, the 10-year Treasury yield slightly decreased to 3.71% from 3.72% late Friday.
In energy trading, benchmark U.S. crude fell 19 cents to $68.52 a barrel, while Brent crude, the international standard, lost 15 cents to $71.69 a barrel. In currency trading, the U.S. dollar edged down to 143.09 Japanese yen from 143.15 yen, and the euro remained relatively unchanged at $1.1041 from $1.1040.
