Stock market today: Asian shares mixed ahead of US consumer confidence and price data
Shares are mixed in Asia after Wall Street benchmarks edged lower as investors looked ahead to updates on inflation and how American consumers are feeling about the economy
BANGKOK — Shares were mixed in Asia on Tuesday after Wall Street benchmarks edged lower as investors waited for updates on inflation and how American consumers are feeling about the economy.
Tokyo and Hong Kong fell while Shanghai, Seoul and Sydney gained. U.S. futures and oil prices edged higher.
Later Tuesday, the Conference Board will issue an update on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet expect another solid reading for the October report.
On Thursday, Wall Street will be closely watching the government’s October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022.
Investors have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to put a definitive end to its aggressive interest rate hikes. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession.
Signs the U.S. economy is slowing, and that conditions in China remain uncertain are weighing on sentiment, analysts said.
After U.S. new home sales slowed more than expected in October, “The Conference Board’s consumer confidence survey could well show a deterioration in mood,” Robert Carnell and Min Joo Kang of ING Economics said in a commentary.
Tokyo's Nikkei 225 index lost 0.1% to 33,408.39.
The Hang Seng in Hong Kong slipped 0.8% to 17,381.14. Chinese AI firm SenseTime's shares sank 4.2%, having fallen as much as 9.7%, after
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