Asian stocks edge lower, dollar firm as US inflation data looms
Timilehin Adejumobi
1 min read
An index of Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, although mainland Chinese shares and Japanese equities bucked the trend.
The dollar ticked higher against major peers as U.S. yields remained elevated amid increased confidence that the banking sector is not headed for a wider crisis.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), though, slipped 0.3%, erasing part of Monday’s 0.9% rally.
Hong Kong’s Hang Seng (.HSI) dropped 0.4%, while Australia’s benchmark (.AXJO) lost 0.2% and South Korea’s Kospi declined 0.4%.
Japan’s Nikkei (.N225) jumped 0.8%, led by a surge for steelmakers after JFE Holdings (5411.T) forecast higher profit.
Mainland Chinese blue chips (.CSI300) gradually gained strength after an indifferent start to last be 0.5% higher.
This report’s information was first seen on REUTERS; to read more, click this link.
