Stocks in the Asia-Pacific region fell after a positive start to the week, with investors weighing minutes from the Reserve Bank of Australia’s meeting, which showed the board saw current interest rates as “way too low”, which suggests that further increases will be needed to bring inflation back to the target.
Earlier this month, the RBA raised interest rates by 50 basis points. “The level of interest rates remains very low for an economy with a tight labor market and persistently high inflation,” the minutes said.
Uncertainty remains about the path of global inflation as investors turn their eyes to the Federal Reserve’s next moves, said Suresh Tantia, an investor at Credit Suisse. “It’s very likely that the markets will continue at a rate of intense volatility,” he noted, speaking to CNBC.
In this climate, at Hong Kong the Hang Seng is down 1.15% and the Hang Seng Tech is down 1.64%.
Smaller losses on the mainland China where the Shanghai Composite loses 0.29% and Shenzhen slips 0.64%.
Mixed marks in South Korea with Kospi down 0.29%, while Kosdaq gains 0.28%.
The Japanese markets they returned to action on Tuesday after Monday’s holiday and are resisting negative trends. The Nikkei 225 adds 0.76% and the Topix gains 0.55%.
In Australiathe S&P/ASX 200 lost 0.6%, while MSCI’s broader index of Asia-Pacific shares outside Japan fell 0.69%.
Sta corporate news, the Financial Times reported that SoftBank has suspended plans to list microchip designer Arm on the London Stock Exchange due to political uncertainty in the UK. SoftBank stock adds 1.36%.
Source: Capital
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