Stock market today: Asia mixed after Wall St rallies ahead of US inflation update
Asian stocks are mixed after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for possible interest rate hikes
BEIJING — Asian stock markets were mixed Tuesday after Wall Street rallied and Chinese exports fell ahead of a U.S. inflation update that might influence Federal Reserve plans for possible interest rate hikes.
Tokyo and Sydney advanced while Shanghai and Hong Kong declined. Oil prices gained.
Wall Street's benchmark S&P 500 index gained 0.9% on Monday, recovering one-third of last week's loss.
“U.S. stocks started the week in better form,” said ING analysts in a report. “It is not clear that this is going to last, though.”
The Shanghai Composite Index lost 0.1% to 3,265.02 after customs data showed Chinese exports fell 14.5% from a year earlier in July, adding to pressure on Beijing to reverse an economic slump. The Hang Seng in Hong Kong sank 1.4% to 19,259.88.
The Nikkei 225 in Tokyo rose 0.3% to 32,365.11 after the Japanese government reported labor cash earnings rose 2.3% in June.
The Kospi in Seoul lost 0.3% to 2,572.46 and Sydney's S&P-ASX 200 gained 0.2% to 7,321.90.
India's Sensex opened up 0.1% at 3,314.02. New Zealand, Bangkok and Jakarta retreated while Singapore rose.
On Wall Street, the S&P 500 rose to 4,518.44 ahead of Thursday's U.S. inflation update.
The Dow Jones Industrial Average rallied 1.2% to 35,473.13. The Nasdaq composite added 85.16, or 0.6%, to 13,994.40.
Berkshire Hathaway rose 3.6% after reporting stronger profit and revenue than analysts expected.
Pharmaceutical company Viatris also rose after its results topped forecasts. Viatris stock climbed 3.9%.
Corporate profits have been mostly beating forecasts for the
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