Asian stock markets mixed after Wall Street rises to record

Asian stock markets mixed after Wall Street rises to record


BEIJING (AP) — Asian stock markets were mixed Tuesday as investors looked ahead to a Federal Reserve report for an update on when U.S. stimulus might start winding down.

Tokyo and South Korea advanced while Hong Kong retreated and Shanghai swung between gains and losses.

On Monday, Wall Street's benchmark S&P 500 index rose to a new record, shrugging off worries about the spread of the more contagious delta variant of the coronavirus.

Investors awaited the Fed report Wednesday for signs of the central bank's level of concern about inflation and when it might start rolling back easy credit and other economic stimulus. Minutes of the Fed meeting in June showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system.

“We expect Jay Powell to reiterate that the tapering discussion is underway, but that it’s too soon to reveal a specific date,” Danielle DiMartino Booth of Quill Intelligence said in a report.

The Shanghai Composite Index was down 0.2% at midday at 3,461.03 after spending much of the morning in positive territory. The Nikkei 225 in Tokyo advanced 0.5% to 27,969.76 while the Hang Seng in Hong Kong sank 2% to 25,647.68.

The Kospi in Seoul rose 0.2% to 3,232.35.after economic growth moderated to 0.7% over the previous quarter in the three months ending in June, down from previous quarter's 1.7%.

Australia's S&P-ASX 200 advanced 0.5% to 7,429.90 and India's Sensex opened up 0.1% at 52,912.28. New Zealand, Bangkok and Jakarta, Indonesia, declined while Singapore advanced.

On Wall Street, the S&P 500 rose 0.2% to 4,422.30. The Dow Jones Industrial Average gained or 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...

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