Asian stock markets mixed after Wall St hits record high again

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People walk past a bank’s electronic board displaying the Hong Kong Stock Index on the Hong Kong Stock Exchange on Monday, November 8, 2021. Asian stock markets were mostly down on Monday after Wall Street hit a new high. summit and that China reported a double-digit increase in its exports. Tokyo, Hong Kong and Sydney retreated while Shanghai advanced. (AP Photo / Vincent Yu)

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Asian stock markets were mixed on Tuesday after Wall Street hit a record for an eighth day.

Tokyo and Sydney advanced while Shanghai, Hong Kong and Seoul fell.

Wall Street’s benchmark S&P 500 rose 0.1% on Monday, boosted by gains in construction-related stocks after Congress approved a $ 1,000 billion infrastructure bill.

Also on Monday, Federal Reserve Vice Chairman Richard Clarida said the conditions to raise interest rates might not be met until the end of 2022. Traders fear that a spike in inflation could not be met. ‘prompts central banks to withdraw stimulus measures that have helped raise stock prices.

“Investors will be on the lookout for any clues that point to an adjustment in the process of central bank spending cuts and rate hike expectations,” ActivTrades’ Anderson Alves said in a report.

The Nikkei 225 in Tokyo rose 0.1% to 29,536.17 while the Shanghai Composite Index lost 0.1% to 3,493.72. The Hang Seng in Hong Kong was down 0.1% to 24,732.93.

The Kospi in Seoul lost 0.3% to 2,952.04 while the S & P-ASX 200 in Sydney gained 0.1% to 7,460.50.

New Zealand and Jakarta advanced while Singapore declined.

Also on Tuesday, the Japanese government announced that wage growth fell to a 0.2% year-over-year loss of 0.2% earlier in September.

On Wall Street, the S&P 500 hit 4,701.70, setting a record for an eighth day.

The Dow Jones Industrial Average rose 0.3% to 36,432.22. The Nasdaq composite gained 0.1% to 15,982.36. Both were also records.

Vulcan Materials, which sells crushed stone and concrete, rose 4.9%. The equipment manufacturer Caterpillar grew by 4.1%.

Investor concerns about inflation were assuaged by rising corporate profits.

Advanced Micro Devices jumped 10.1% for the biggest gain of the S&P 500 after announcing that Facebook’s parent company Meta would use AMD chips in its data centers. Chipmaker Nvidia rose 3.5%.

Steelmakers and other businesses that are expected to benefit from increased infrastructure spending have also recovered after Congress passed the infrastructure bill. Nucor gained 3.6%.

The Labor Department is due to report wholesale inflation on Tuesday and consumer inflation on Wednesday.

In energy markets, benchmark US crude oil fell 8 cents to $ 81.85 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents on Monday to $ 81.93. Brent crude, the basis of international oil prices, fell 18 cents to $ 83.25 in London. It was 69 cents the previous session at $ 83.43 a barrel.

The dollar fell to 112.89 yen from 113.24 yen on Monday. The euro edged down to $ 1.1586 from $ 1.1589.


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