Asian shares were little changed at the open, reflecting muted trading on Wall Street as investors braced for this week’s Federal Reserve decision and U.S. inflation data.
Japan’s benchmark Nikkei Stock Average rose 0.70%, or 274.27 points, to 39,312.43 and the Tokyo Stock Price Index rose 0.65%, or 18.18 points, to 2,800.67. South Korea’s KOSPI rose 0.46%, or 12.38 points, to 2,713.55, while Australia’s S&P/ASX 200 index fell 1.20%, or 94.30 points, to 7,765.70.
Earlier, the Dow Jones Industrial Average rose 69.05 points, or 0.18%, to 38,868.04, the S&P 500 rose 13.8 points, or 0.26%, to 5,360.79 and the Nasdaq Composite added 59.40 points, or 0.35%, to 17,192.53.
Analysts say traders are bracing for volatility ahead of macroeconomic catalysts in the United States, while political uncertainty in Europe is also weighing on stock markets.
In commodity markets, crude oil prices rose on Tuesday, extending a previous day’s gains on hopes of seasonally higher fuel demand and possible crude purchases for U.S. oil reserves, but a stronger dollar limited gains. Brent crude futures rose 28 cents, or 0.3 percent, to $81.91 a barrel as of 0038 GMT, while U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4 percent, to $78.05.
Gold prices rebounded after suffering their biggest drop in three-and-a-half years in the previous trading session as investors awaited inflation data and a Federal Reserve policy statement. Spot gold rose 0.72% to $2,309.15 an ounce.
