Stock market today: Asian shares are mostly higher ahead of US inflation data and a US-China summit
Asian shares are trading mostly higher ahead of potentially market-moving developments, including a U.S.-China summit and data releases in the U.S., Japan and China
TOKYO — Asian shares were mostly higher Tuesday ahead of potentially market-moving developments, including a U.S.-China summit and data releases from the U.S., Japan and China.
Japan's benchmark Nikkei 225 gained 0.5% to 32,757.44. Australia's S&P/ASX 200 advanced 0.6% to 6,992.10. South Korea's Kospi added 1.1% to 2,429.21. Hong Kong's Hang Seng dropped 0.4% to 17,359.13 while the Shanghai Composite edged less than 0.1% higher, to 3,047.13.
“Asian stocks gained ground as investors awaited U.S. inflation figures, hoping to confirm that interest rates have peaked. Meanwhile, positive geopolitical sentiments filled the backdrop as investors looked forward to anticipated talks between the U.S. and China,” Stephen Innes, managing partner at SPI Asset Management, said in a written commentary.
China is due to release monthly economic indicators on Wednesday and Japan will announce its latest growth numbers.
On Wednesday, Chinese leader Xi Jinping is set to meet with President Joe Biden on the sidelines of a Pacific Rim summit in California. It will be the first face-to-face encounter in a year between the leaders of the world’s two biggest economies.
On Monday, Wall Street drifted to a mixed finish to open a week that could bring more action to financial markets, with several big reports on the calendar. The S&P 500 slipped 0.1% to 4,411.55. The Dow Jones Industrial Average gained 0.2% to 34,337.87, and the Nasdaq composite fell 0.2% to 13,767.74.
The profit reporting season for the summer is winding down, and most companies have again topped analysts’
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