July 21, 2024

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Asian stocks mixed ahead of US inflation – Wel.nl

Asian stocks mixed ahead of US inflation – Wel.nl

HONG KONG (ANP) – Asian stock markets showed a mixed picture on Tuesday, with price movements limited. Investors took on a smaller risk than the U.S. inflation rate. A further cooling of inflation in the world’s largest economy could bolster the Federal Reserve’s belief that interest rates may be raised in small increments from now on. The central bank will also begin its two-day interest rate meeting on Tuesday.

Meanwhile in Hong Kong, the Hong Kong index rose 0.5 percent. Airlines and retail companies in the tourism sector, in particular, showed solid profits due to the further easing of corona measures for travelers to Hong Kong. For example, airlines Cathay Pacific and Air China rose 2.4 and 4 percent. The Shanghai stock market was slightly lower on concerns about rising coronavirus infections in China due to easing of strict corona policy.

In Tokyo, the Nikkei rose 0.4 percent, following a strong rally on Wall Street. In the chip sector, investors in Japan and the Netherlands processed reports that the U.S. has in principle supported tougher rules on exports of chips and chip equipment to China. Chip tester Advantest gained 0.2 percent and chip equipment maker Tokyo Electron lost 0.1 percent. In South Korea, the Cosby fell 0.2 percent and the Australian All Ordinaries fell 0.3 percent.


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