Stocks in Asia traded broadly lower on Tuesday, tracking a similar session in the U.S. Wall Street as investors await Big Tech earnings and key economic data later this week.
As of 9.46 A.M. Bangkok time, the Nikkei 225 index in Japan rose 0.39%.
The South Korean Kospi fell 1.08% after the country’s central bank reported that gross domestic product grew 0.8% year over year in the first quarter.
Hong Kong’s Hang Seng Index slid 1.35%.
The Shanghai Composite in mainland China lost 0.35%.
The market in Australia is closed for a holiday.
The Nasdaq Composite lost 0.29 points overnight, while the Dow Jones Industrial Average gained 0.2% and the S&P 500 climbed 0.09%.
Companies like Alphabet, Microsoft, Amazon, and Meta are among the most anticipated to release quarterly reports later this week.
Chris Harvey, head of equity strategy at Wells Fargo Securities, said, “Everyone’s just waiting for tech earnings.” “This is a very busy earnings week, so we’re just treading water.”
Futures indicate that investors have reduced their bets on a rise in US interest rates. The Federal Reserve’s benchmark is expected to peak in June and conclude the year below 4.5%, according to current market prices.
At the beginning of a busy week for economic data and corporate earnings, the Fed’s small price changes highlight the lack of direction. Uncertainty over the debt ceiling lingered, as data from the US industrial sector was lower than expected. The Federal Reserve’s preferred inflation gauge, the so-called core PCE deflator, is expected to show price rise has eased, while GDP data for the U.S. is expected to reveal weaker growth later this week.
