Panoramic view of Lotte building between Seoul city skyline and Han River at sunset.
Ed Jones | AFP | Getty Images
Asia-Pacific markets traded mixed on Tuesday after Wall Street overcame political uncertainty to post overnight gains.
of Australia S&P/ASX 200 slight increase of 0.61%. Japan Nikkei 225 fell 0.09% and the broad Topix index rose 0.08%.
Korea Kospi rose 0.46%, while the small-cap Kosdaq index rose 0.48%. South Korea Producer Price Index in June rose 2.5% from a year earlier, compared with a 2.3% increase in May. Shares of popular messaging app Kakao fell 4.63% after the arrest warrant was issued for founder Brian Kim of the South Korean court for alleged market manipulation.
Hong Kong Hang Seng Index down 0.09%, while mainland China’s CSI 300 index fell 1%.
India Nifty 50 and BSE Sensex little changed in the first hour of trading. India is expected to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. Analysts at Barclays expect the coalition government to signal policy consistency in the budget, “demonstrating continued fiscal consolidation with little change in the spending mix”.
“While the focus remains on capital spending, we expect the government to use the additional proceeds to fund higher revenue spending, balancing economic and political needs,” Barclays wrote in a recent note.
Traders in Asia will also be watching Singapore’s inflation data for June. The country’s consumer price index is expected to have risen 2.7% year-on-year, according to economists polled by Reuters. That compares with a 3.1% increase in May.
Overnight in the United States, S&P 500 posted its best day since June 5 as tech stocks recovered from the index’s worst weekly loss since April.
The benchmark index rose 1.08% to 5,564.41 and posted its best day since June 5, while Nasdaq Composite up 1.58% to close at 18,007.57. Dow Jones Industrial Average up 127.91 points, or 0.32%, to close at 40,415.44.
— CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
