BANGKOK (AP) — Asian stocks were mixed Wednesday after U.S. stock indexes came to a near standstill ahead of some potentially market-moving news.
Hong Kong’s Hang Seng Index rose 1.7% to 17,115.94, while the Shanghai Composite Index fell 0.8% to 3,026.11 after Fitch Ratings downgraded China’s fiscal outlook.
Fitch’s report cited increased risks from China’s shift away from dependence on its troubled real estate sector and rising public debt.
“There is little clarity on reform measures to support medium-term fiscal consolidation,” he said.
Tokyo’s Nikkei Stock Average fell 0.5% to $39,581.81, while Sydney’s S&P/ASX 200 index rose 0.3% to $7,848.50.
India’s Sensex rose 0.3% and Bangkok’s SET rose 0.5%.
Korean markets are closed election.
The S&P 500 rose 0.1% to 5,209.91 on Tuesday, after barely rising the previous day. The Dow Jones Industrial Average fell less than 0.1% to $38,883.67, while the Nasdaq Composite rose 0.3% to $16,306.64.
Later on Wednesday, the US is expected to release a long-awaited update on consumer-level inflation. Other reports on inflation will be released this week, as major U.S. companies begin reporting how much profit they made in the first three months of the year.
The main question hanging over Wall Street is whether inflation will cool enough to convince the Federal Reserve. Achieve lower interest rates It’s what traders covet and bet on.
“There is a palpable sense of restraint among investors as they worry that inflation could be higher than expected,” Stephen Innes of SPI Asset Management said in a comment.
A suspicion arose series of hotter -than- Be expectedreport in economyAnd traders now expect only two or three rate cuts this year. Some people say there is zero possibility.It was less than expected at the beginning of the year According to CME Group data, for 6-7 cuts.
The Fed’s key interest rate is at its highest level in more than 20 years, and there is a risk of triggering a recession if rates remain high for too long.
This year’s rise in oil prices has raised concerns about spillovers into inflation, but the central bank has said that “to have a meaningful impact on core inflation, the levels seen even at the peaks in commodity prices in Russia and Ukraine are necessary.” It is highly likely that oil prices will need to rise by a significant amount. U.S. strategists said in a BofA Global Research report.
Benchmark U.S. crude oil rose 21 cents to $85.44 per barrel early Wednesday in electronic trading on the New York Mercantile Exchange. Shares fell $1.20 to settle at $85.23 on Tuesday, bringing the year-to-date gain to less than 20%.
Brent crude, the international standard crude, rose 22 cents to $89.64 per barrel after falling 96 cents to $89.42 per barrel on Wednesday.
On Wall Street, Apple rose 0.7%, helping lift the S&P 500. Reduced annual loss to less than 12%.
Norfolk Southern Railway rose 1.3% despite the railroad’s preliminary first-quarter results falling short of analysts’ expectations.
that agreed to pay $600 million In a settlement of a class action lawsuit related to a fire-induced train derailment in eastern Ohio last year. The company says if the agreement is approved by a court, it will resolve all class action claims within a 20-mile radius of the derailment and personal injury claims within a 10-mile radius if you choose to participate. .
Some of Wall Street’s biggest losses have come from the same stocks that have been the biggest winners in the market frenzy over artificial intelligence technology.
Nvidia fell 2%. biggest stocks on the marketSuper Micro Computer fell 2.6%, but the company’s stock has more than tripled so far this year.
Tilray Brands fell 20.7% after the cannabis company reported slower revenue growth in its latest quarter than analysts expected.
In foreign exchange trading, the dollar rose from 151.75 yen to 151.79 yen. The euro fell to $1.0855 from $1.0857.
