Asian stock markets were mixed Tuesday after Wall Street drifted lower following its latest rally.
The Nikkei 225 JP:NIK in Tokyo sank 0.8%. Hong Kong’s Hang Seng HK:HSI rose 1.6% and the Shanghai Composite Index CN:SHCOMP gained 0.9%.
The Kospi 180721 in Seoul shed 0.3% while Sydney’s S&P/ASX 200 XJO added 0.5%. Stocks fell in Taiwan Y9999 but gained in Singapore STI , while Indonesia JAKIDX was flat. Stock prices surged this year on hopes that a recession expected after the Federal Reserve and central banks in Europe and Asia raised interest rates to cool inflation might come later and be shorter and shallower than previously forecast.
Traders are betting June inflation data due out next month will push the Fed to raise rates by a quarter of a percentage point at its next meeting, which runs July 25-26, according to data from CME Group.
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