Stocks trade lower; SoftBank drops

SINGAPORE – Shares in Asia-Pacific fell on Tuesday on a quiet data day as markets continued to release last week’s stellar US jobs report.

SoftBank Corporation shares fall more than 4% after its Vision Fund reports loss of 2.93 trillion Japanese yen ($21.68 billion) in the 6th quarter on Monday after the market closes. The tech-focused fund has suffered as central banks raise interest rates to fight inflation.

The Nikkei 225 in Japan fell 0.93% and the Topix index fell 0.75%.

Korea Kospi inched 0.43% lower while Kosdaq fell 0.4%.

In Australia, S&P / ASX 200 little change.

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From Hong Kong Hang Seng Index partially lower, although heavy Alibaba increased by more than 1%.

Alibaba has applied to change its listing status in Hong Kong from primary status from secondary, the company said in a statement on the Hong Kong Exchange. The Hong Kong Stock Exchange acknowledged the application on August 8. The change will likely take effect before the end of 2022.

The tech giant announced for the first time plans for a dual main listing in Hong Kong last month.

Mainland China market declines. The Shanghai Composite lose 0.22% and Shenzhen Ingredients down 0.33%.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.23%.

In terms of economic data, investors are looking at US consumer price index data due out on Wednesday.

Singapore and India markets are closed for public holidays on Tuesday.

Overnight in the US, the S&P 500 fell 0.12% to 4,140.06 and the Nasdaq Composite dropped 0.1% to 12,644.46. The Dow Jones Industrial Average rose slightly to close at 32,832.54.

Currency and oil

The US Dollar IndexThe currency gauge against a basket of six currencies, was at 106.367, slightly lower after a recent rise to nearly 107.

“Continued hawkish messages from the Fed and strong CPI results could support the dollar,” Kristina Clifton, economist at Commonwealth Bank of Australia, wrote in a note Tuesday morning.

The Japanese yen was trading at 134.73 per dollar after weakening sharply following last week’s strong US jobs report.

The Australian dollar is $0.6977. It quickly rose above $0.70 overnight.

Oil futures prices rose nearly 2% in Monday’s trading session. US West Texas Intermediate Futures 0.67% lower on Tuesday in Asia, at $90.15 per barrel, while Brent Crude Oil down 0.63% to $96.04 per barrel.

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