A currency trader watches monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), right top, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
Currency traders watch monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), right top, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
Stock market today: Asia mixed after Wall St rallies ahead of US inflation update
Asian stocks are mixed after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for possible interest rate hikes
A currency trader watches monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), right top, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
Ahn Young-joon - staff, ASSOCIATED PRESS
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
Ahn Young-joon - staff, ASSOCIATED PRESS
Currency traders watch monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), right top, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes.
BEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street rallied and Chinese exports fell ahead of a U.S. inflation update that might influence Federal Reserve plans for possible interest rate hikes.
Tokyo and Sydney advanced while Shanghai and Hong Kong declined. Oil prices gained.
Wall Street's benchmark S&P 500 index gained 0.9% on Monday, recovering one-third of last week's loss.
“U.S. stocks started the week in better form,” said ING analysts in a report. “It is not clear that this is going to last, though.”
The Shanghai Composite Index lost 0.1% to 3,265.02 after customs data showed Chinese exports fell 14.5% from a year earlier in July, adding to pressure on Beijing to reverse an economic slump. The Hang Seng in Hong Kong sank 1.4% to 19,259.88.
The Nikkei 225 in Tokyo rose 0.3% to 32,365.11 after the Japanese government reported labor cash earnings rose 2.3% in June.
The Kospi in Seoul lost 0.3% to 2,572.46 and Sydney's S&P-ASX 200 gained 0.2% to 7,321.90.
India's Sensex opened up 0.1% at 3,314.02. New Zealand, Bangkok and Jakarta retreated while Singapore rose.
On Wall Street, the S&P 500 rose to 4,518.44 ahead of Thursday's U.S. inflation update.
The Dow Jones Industrial Average rallied 1.2% to 35,473.13. The Nasdaq composite added 85.16, or 0.6%, to 13,994.40.
Pharmaceutical company Viatris also rose after its results topped forecasts. Viatris stock climbed 3.9%.
Corporate profits have been mostly beating forecasts for the April-June period. Nearly four out of five companies in the S&P 500 have topped expectations so far, according to FactSet. But they’re still on track to report their sharpest drop in profit since summer 2020, when the pandemic was pummeling the global economy.
Inflation has been the key to Wall Street’s big moves after soaring to a two-decade high of about 9% a year ago before gradually declining.
That has raised hopes the Federal Reserve may decide upward pressure on prices is under control and no more interest rate hikes are needed to cool business and consumer activity. Inflation fell to 3% in June, though that's still above the Fed's 2% target.
Some forecasters have warned traders are assuming too early that rate hikes are finished and the Fed can achieve a “soft landing” of extinguishing inflation without tipping the world's biggest economy into a recession.
Forecasters expect Thursday's data to show consumer prices rose by 3.3% in July over a year ago, an acceleration from June.
In energy markets, benchmark U.S. crude rose 11 cents to $82.05 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 88 cents on Monday to $81.94. Brent crude, the price basis for international oil trading, advanced 6 cents to $85.40 per barrel in London. It lost 90 cents the previous session to $85.34.
The dollar rose to 143.33 yen from Monday's 142.44 yen. The euro declined to $1.0992 from $1.1007.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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