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Asian stock markets advanced following Wall Street rose to a record lofty

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BEIJING (AFP) – Asian stock markets mostly rose on Tuesday as investors looked to the Federal Reserve’s report for an update on when US stimulus might begin to subside.

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Shanghai, Tokyo and Seoul advanced while Hong Kong retreated.

On Monday, Wall Street’s benchmark S&P 500 index rose to a unused record, brushing off concerns about the spread of the most contagious delta variant of the coronavirus.

Investors waited for the Federal Reserve’s report on Wednesday for indications of how much the central bank is concerned about inflation and when it might start to roll back simple credit and other economic stimulus. Minutes of the Federal Reserve’s June meeting showed that board members discussed how and when they could decrease monthly bond purchases that pump money into the financial system.

“We expect Jay Powell to reiterate that diminishing discussions are ongoing, but it is too beforetime to disclose a specific date,” Danielle DiMartino Booth of Quill Intelligence said in a report.

The Shanghai Composite rose 0.2% to 3,475.66 and Tokyo’s Nikkei 225 advanced 0.4% to 27,932.08. Hong Kong’s Hang Seng fell 1% to 25,922.83 points.

Seoul’s Kospi Index rose 0.7% to 3,246.32 following economic growth eased to 0.7% from the previous quarter in the three months to June, down 1.7% from the previous quarter.

The Sydney S&P-ASX 200 Index advanced 0.6% to 7,437.70. New Zealand retreated while Singapore and Jakarta advanced.

On Wall Street, the S&P 500 rose 0.2% to 4,422.30. The Dow Jones Industrial Average rose 0.2% to 35,144.31. The Nasdaq Composite added less than 0.1% to 14,840.71.

Cruise lines, hotels and retailers were among the winners. Carnival rose 5.5 percent, Caesars Entertainment increased 3.3 percent and Gap 3 percent. Among the stocks that fell: Pharmaceutical company Moderna fell 3.7 percent, and chip maker Nvidia fell 1.4 percent.

US-traded stocks sank in Chinese companies following Beijing announced additional enforcement measures on technology, real estate and for-gain educational projects. Chinese authorities say they need to protect public safety and financial stability, curb rising housing costs, and boost social welfare. But their sudden orders shook investor confidence.

China’s Ministry of Industry has announced a six-month campaign to clean up what it says are grave problems with internet applications that violate consumer rights, cybersecurity and a “disturbing market order”. Internet giant Tencent fell 10 per cent following regulators over the weekend ordered the termination of exclusive contracts with music copyright holders they said had hurt competition.

“The sobering message might be, ‘You can get the company out of China, but you can’t get the company out of China,’ Mizuho Bank said in a report.” Increasing global capital, which is a grave impediment to Beijing’s aspirations to develop global champions.”

US traders are looking for earnings reports from more big companies this week. Google’s father, Alphabet reports on Tuesday. So did the Apple, Microsoft Pfizer and Boeing report on Wednesday.

Electric vehicle company Lucid Motors, now called the Lucid Group, rose 10.6% in its public debut following Churchill Capital Corp. bought it with a blank check.

In energy markets, benchmark US crude rose 23 cents to $72.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to $71.91 on Monday. Brent crude, used in global oil pricing, rose 31 cents to $74.01 a barrel in London. It rose 40 cents in the previous session to $74.50.

The dollar fell to 110.18 yen from 110.39 yen on Monday. The euro rose to $1.1804 from $1.1800.


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