Current:Home > ScamsStock market today: Asian shares mixed ahead of US consumer confidence and price data-Angel Dreamer Wealth Society D1 Reviews & Insights
Stock market today: Asian shares mixed ahead of US consumer confidence and price data
View Date:2024-12-23 16:20:48
BANGKOK (AP) — Shares were mixed in Asia on Tuesday after Wall Street benchmarks edged lower as investors waited for updates on inflation and how American consumers are feeling about the economy.
Tokyo and Hong Kong fell while Shanghai, Seoul and Sydney gained. U.S. futures and oil prices edged higher.
Later Tuesday, the Conference Board will issue an update on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet expect another solid reading for the October report.
On Thursday, Wall Street will be closely watching the government’s October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022.
Investors have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to put a definitive end to its aggressive interest rate hikes. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession.
Signs the U.S. economy is slowing, and that conditions in China remain uncertain are weighing on sentiment, analysts said.
After U.S. new home sales slowed more than expected in October, “The Conference Board’s consumer confidence survey could well show a deterioration in mood,” Robert Carnell and Min Joo Kang of ING Economics said in a commentary.
Tokyo’s Nikkei 225 index lost 0.1% to 33,408.39.
The Hang Seng in Hong Kong slipped 0.8% to 17,381.14. Chinese AI firm SenseTime’s shares sank 4.2%, having fallen as much as 9.7%, after Grizzly Research accused the artificial intelligence software company of inflating its revenue figures. In a notice to the Hong Kong Stock Exchange, Sensetime said the allegations were “without merit” and showed a lack of understanding of the company’s business and its financial reporting.
Grizzly also has taken aim at other Chinese tech companies, including online clothing retailer Temu.
Elsewhere, South Korea’s Kospi jumped 1.1% to 2,521.76 and the Shanghai Composite index edged 0.2% higher, to 3,038.55.
Australia’s S&P/ASX 200 added 0.4% to 7,015.20 and India’s Sensex was flat at 65,969.29. Bangkok’s SET gained 0.5%.
On Monday, the S&P 500 fell 0.2% to 4,550.43. The Dow Jones Industrial Average also edged 0.2% lower, to 35,333.47, and the Nasdaq composite slipped 0.1% to 14,241.02.
The S&P 500 remains on track to close out November as its best month of the year.
Shopify rose 4.4% after announcing a Black Friday record for worldwide sales of $4.1 billion from its merchants. Consumers were scouring the internet for online deals as they capped off the five-day post-Thanksgiving shopping bonanza with Cyber Monday.
In the bond market, Treasury yields fell broadly. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, fell to 4.38% from 4.47% late Friday.
The price of U.S. crude oil fell 0.9% Monday, remaining mostly stable ahead of OPEC’s meeting on Thursday. The cartel has maintained tight supplies, though prices have been falling over the last month. Lower energy prices could further ease inflation’s squeeze on consumers and help fuel economic growth.
Early Tuesday, U.S. benchmark crude was up 18 cents at $75.04 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international pricing standard, gained 23 cents to $80.10 a barrel.
The main focus through the end of the year will be on the Fed and what it does next. It has been holding its benchmark interest rate steady at a range of 5.25% to 5.50% since its last quarter-point hike at its July meeting. Investors increasingly expect the Fed to cut rates in mid-2024, easing it off its highest level in two decades. The central bank is aiming to cool inflation without slowing economic growth to the point of causing a recession.
In other trading Tuesday, the U.S. dollar fell to 148.32 Japanese yen from 148.68 yen. The euro slipped to $1.0946 from $1.0955.
veryGood! (8)
Related
- California voters reject measure that would have banned forced prison labor
- Report finds ‘no evidence’ Hawaii officials prepared for wildfire that killed 102 despite warnings
- Should Dolphins QB Tua Tagovailoa retire? Hall of Famer Tony Gonzalez advises, 'It might be time'
- Bomb threats close schools and offices after Trump spread false rumors about Haitians in Ohio
- Mike Tyson vs. Jake Paul fight odds will shift the longer the heavyweight bout goes
- You're Doing Your Laundry All Wrong: Your Most Common Laundry Problems, Solved
- A review of some of Pope Francis’ most memorable quotes over his papacy
- How many points did Caitlin Clark score today? Rookie breaks WNBA assist record in setback
- Fire crews on both US coasts battle wildfires, 1 dead; Veterans Day ceremony postponed
- Justin Timberlake Admits His Mistake After Reaching Plea Deal in DWI Case
Ranking
- RHOBH's Erika Jayne Reveals Which Team She's on Amid Kyle Richards, Dorit Kemsley Feud
- Officials ignored warning signs prior to young girl’s death at the hands of her father, lawsuit says
- Boar's Head to close Virginia plant linked to listeria outbreak, 500 people out of work
- Departures From Climate Action 100+ Highlight U.S.-Europe Divide Over ESG Investing
- Olympic Skier Lindsey Vonn Coming Out of Retirement at 40
- Lil Tay Shown in Hospital Bed After Open Heart Surgery One Year After Death Hoax
- Opinions on what Tagovailoa should do next vary after his 3rd concussion since joining Dolphins
- 911 calls overwhelmed operators after shooting at Georgia’s Apalachee High School
Recommendation
-
1 monkey captured, 42 monkeys still on the loose after escaping research facility in SC
-
Former ALF Child Star Benji Gregory's Cause of Death Revealed
-
Homophobic speech in youth sports harms straight white boys most, study finds
-
A cat named Drifter is safe after sneaking out and getting trapped in a sewer for nearly 8 weeks
-
Medical King recalls 222,000 adult bed assistance rails after one reported death
-
Going once, going twice: Google’s millisecond ad auctions are the focus of monopoly claim
-
Tiger Woods undergoes another back surgery, says it 'went smothly'
-
Hailey Bieber and Justin Bieber Celebrate 6th Wedding Anniversary After Welcoming First Baby