Asian-Pacific markets were mostly lower on Tuesday, tracking Wall Street’s mixed performance overnight, as a weaker-than-expected U.S. consumer confidence data heightened concerns over economic growth.
By 10:50 am AEDT (11:50 pm GMT) Australia’s S&P/ASX 200 dropped 0.2%, while Japan’s Nikkei 225 fell 1.1% and South Korea’s Kospi remained flat.
Wall Street finished in a mixed fashion, as the Dow Jones Industrial Average gained 156 points, or 0.4%, to close at 43,621.2. However, the S&P 500 extended its losing streak to four sessions, slipping 0.5% to 5,955.3, and the Nasdaq Composite declined 1.4% to 19,026.4.
ANZ analysts noted: "The Conference Board consumer survey data follows the weak services PMI and a fall in University of Michigan consumer sentiment last week, and underscore rising concerns about weak growth coupled with a surge in inflation expectations. Inflation expectations are a closely watched metric at the Fed and a de-anchoring of inflation expectations for an extended period would risk undoing the progress on disinflation."
Investors sought safety in U.S. bonds, pushing the benchmark 10-year Treasury yield below 4.3%, its lowest level since December.
Commodities also faced declines. Brent crude fell 2.4% to a two-month low of $72.50 per barrel, while spot gold retreated 1.3% from record highs, trading at $2,915.05 per ounce.
In China, the Shanghai Composite lost 0.8% to 3,346, while the CSI 300 dipped 0.6% to 3,925.7.
Hong Kong’s Hang Seng Index slid 1.3% to 23,034.
India’s BSE Sensex stabilised at eight-month lows, inching up 0.2% to 74,602.1.
In Europe, markets showed mixed movements, with the FTSE 100 adding 0.1% to 8,668.7, Germany’s DAX easing 0.1% to 22,410.3. France’s CAC 40 down 0.5% to 8,051.1.
