SINGAPORE — Asia-Pacific stocks were mixed on Tuesday on a quiet data day as markets continue to digest last week’s stellar U.S. jobs report.
SoftBank Group the stock fell about 7% after the publication of its Vision fund a loss of 2.93 trillion Japanese yen ($21.68 billion) for the June quarter Monday after market close. The technology-focused fund suffered as central banks raised interest rates to fight inflation.
The Nikki 225 in Japan fell 0.88% to close at 27,999.96 and the Topix index fell 0.74% to 1,937.02.
South Korea Kospi closed up around 0.42% at 2,503.46, while the Kosdaq gained 0.34% to 833.65.
In Australia, the S&P/ASX 200 rose 0.13% to 7,029.8.
Instead, markets reflected on Friday’s payrolls report, with a few other US banks announcing a 75 basis point hike in September.
Strickland Tapas
Economist, National Australia Bank
that of Hong Kong Hang Seng Index gave up earlier gains to trade 0.3% lower in the final hour of the session, while heavyweights Ali Baba rose about 0.7%.
Alibaba has applied to change its listing status in Hong Kong from primary to secondary, the company said in a statement posted to the Hong Kong Stock Exchange. The Hong Kong Stock Exchange acknowledged the request on August 8. The change will likely take effect before the end of 2022.
The tech giant first announced its plans for a dual primary listing in Hong Kong last month.
Mainland China markets advanced. The Shanghai composite gained 0.32% to 3,247.43 and the Shenzhen Component added 0.235% to 12,331.09.
Smart transportation company Zhengzhou Tiamaes Technology The stock soared nearly 20% after China’s transport ministry released draft rules for self-driving vehicles that could lead to such vehicles being legalized on public roads.
Shares of ShenZhen RoadRover Technology jumped 10%, hitting its trading limit, according to Chinese media.
MSCI’s broadest index of Asia-Pacific stocks outside Japan was little changed.
According to Tapas Strickland, an economist at National Australia Bank, China’s continued military exercises around Taiwan have not had much of an impact on markets.
“Instead, markets reflected on Friday’s strong payrolls report, with a few more U.S. banks calling for a 75 basis point hike in September,” he said in a note Tuesday.
In economic data, investors are eagerly awaiting US Consumer Price Index data due Wednesday in the United States.
Markets in Singapore and India are closed for a public holiday on Tuesday.
Overnight in the US, the S&P 500 fell 0.12% to 4,140.06 and the Nasdaq Composite lost 0.1% to 12,644.46. The Dow Jones Industrial Average edged higher to close at 32,832.54.
Currencies and oil
The US dollar indexwhich measures the currency against a basket of six foreign currencies, was at 106.320, slightly lower after its recent jump to near 107.
“Continued hawkish messages from the Fed and a strong CPI result may support the USD,” Kristina Clifton, an economist at Commonwealth Bank of Australia, wrote in a Tuesday morning note.
The japanese yen was trading at 134.92 to the dollar after a sharp weakening following last week’s strong US jobs report.
The Australian dollar was at $0.6969. It briefly spiked above $0.70 overnight.
Oil futures settled nearly 2% higher in Monday’s session. US West Texas Intermediate Futures were down 0.79% on Tuesday in Asia, at $90.09 a barrel, while Crude Brent lost 0.68% to $95.99 a barrel.