Investing.com - Asian stocks were mixed Tuesday as a broader measure of the region’s equities searched for its first winning day in four.
In Asian trading Tuesday, Japan’s Nikkei 225 rose 0.57% after the Bank of Japan said that Japan’s monetary base jumped 31.6% in May following an April increase of 23.1%. Analysts expected a May increase of 24.3%. USD/JPY traded slightly higher.
Hong Kong’s added 0.18%, but the Shanghai Composite fell 0.81%. Chinese stocks are in the midst of a four-day skid and small-caps and consumer discretionary names were seen as the main culprits in Tuesday’s session.
The Shanghai Composite gained 5.6% last month, its best monthly gain since December, but the Chinese shares as seen as vulnerable in the near-term as traders book profits in small-caps after a recent surge.
Australia’s S&P/ASX 200 was steady ahead of another interest rate decision from the Reserve Bank of Australia. After RBA lowered interest rates by 25 basis to a record low of 2.75% last month, most traders are not expecting another rate cut Tuesday. Inflation in Australia, the world’s 12th-largest economy, ticked up 0.2% last month, perhaps giving RBA pause about another immediate rate cut.
Data out Tuesday showed Australia’s current account deficit narrowed to AUD8.5 billion in the first quarter, better than AUD9 billion economists expected.
New Zealand’s NZSE 50 fell 0.42% after the Organization for Economic Co-operation and Development recommended New Zealand implement a capital gains tax, permanent deposit insurance for large banks and boosting the age of government pension entitlement.
South Korea’s Kospi dropped 0.33% as the won was the top-performing emerging markets currency on the day.
Singapore’s Straits Times lost 0.26% while S&P 500 futures fell 0.23% a day after the benchmark U.S. index gained 0.59%.
In Asian trading Tuesday, Japan’s Nikkei 225 rose 0.57% after the Bank of Japan said that Japan’s monetary base jumped 31.6% in May following an April increase of 23.1%. Analysts expected a May increase of 24.3%. USD/JPY traded slightly higher.
Hong Kong’s added 0.18%, but the Shanghai Composite fell 0.81%. Chinese stocks are in the midst of a four-day skid and small-caps and consumer discretionary names were seen as the main culprits in Tuesday’s session.
The Shanghai Composite gained 5.6% last month, its best monthly gain since December, but the Chinese shares as seen as vulnerable in the near-term as traders book profits in small-caps after a recent surge.
Australia’s S&P/ASX 200 was steady ahead of another interest rate decision from the Reserve Bank of Australia. After RBA lowered interest rates by 25 basis to a record low of 2.75% last month, most traders are not expecting another rate cut Tuesday. Inflation in Australia, the world’s 12th-largest economy, ticked up 0.2% last month, perhaps giving RBA pause about another immediate rate cut.
Data out Tuesday showed Australia’s current account deficit narrowed to AUD8.5 billion in the first quarter, better than AUD9 billion economists expected.
New Zealand’s NZSE 50 fell 0.42% after the Organization for Economic Co-operation and Development recommended New Zealand implement a capital gains tax, permanent deposit insurance for large banks and boosting the age of government pension entitlement.
South Korea’s Kospi dropped 0.33% as the won was the top-performing emerging markets currency on the day.
Singapore’s Straits Times lost 0.26% while S&P 500 futures fell 0.23% a day after the benchmark U.S. index gained 0.59%.