Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal...
BANGKOK — Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal Reserve’s fight against inflation.
Tokyo’s Nikkei 225 index NIK picked up 0.4%. Hong Kong’s Hang Seng HSI fell 0.9% and the Shanghai Composite index SHCOMP edged 0.1% lower. The Kospi 180721 in South Korea fell 0.6% and Australia’s ASX/S&P 200 XJO declined 0.3%. Shares also fell in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX . But investors are also eyeing the Fed, hoping it might slow the pace of interest rate hikes aimed at curbing stubbornly high inflation.
“Inflation will likely prove to be stickier and with the service part of the economy refusing to weaken. The risks that the Fed might need to do more remain elevated,” Edward Moya of Oanda said in a statement. Russia’s ongoing invasion of Ukraine continues agitating an already volatile global energy market. U.S. crude oil prices bounced around before settling 3.8% lower after a group of world leaders agreed to a boycott of most Russian oil. They also committed to a price cap of $60 per barrel on Russian exports.
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