Stocks mixed after sharp falls in previous session

Stocks mixed after sharp falls in previous session

Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021.

KAZUHIRO NOGI | AFP via Getty Images

Shares in the Asia-Pacific were mixed on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell’s hawkish speech in Jackson Hole.

Japan’s Nikkei 225 rose 1.14% to end the session at 28,195.58, and the Topix index gained 1.25% to 1,968.38.

The Kospi in South Korea added 0.99% to 2,450.93, and the Kosdaq increased 2.2% to 797.02. In Australia, the S&P/ASX 200 was 0.47% higher at 7,230.40.

Hong Kong’s Hang Seng index declined 0.42% in the final hour of trade, with the Hang Seng Tech Index trading 0.7% lower, while mainland China markets slipped. The Shanghai Composite fell 0.42% to 3,227.22, and the Shenzhen Component shed 0.39% to 11,970.79.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.5% higher.

Overnight in the US, the S&P 500 shed 0.67% to 4,030.61, and the Nasdaq Composite lost 1.02% to 12,017.67.

The Dow Industrial Average dipped 184.41 points, or 0.57%, to 32,098.99. The Dow fell more than 300 points earlier in the session and briefly rose at one point. US futures inched upward Following a second-straight decline for the major averages.

“It seems investors are still digesting the consequences from Fed Chair [Powell’s] hawkish speech where he not only refuted the notion of a dovish pivot but emphasized the need for rates to head higher and remain restrictive in order to bring inflation to heel,” Rodrigo Catril, a strategist at National Australia Bank, wrote in Tuesday note.

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