BANGKOK (AP) — Shares were mixed in Asia on Tuesday after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year.
U.S. futures were higher and oil prices fell.
Tokyo’s benchmark Nikkei 225 index gained 0.2% to 39,528.23, helped by gains in technology shares including SoftBank Group Corp., whose CEO Masayoshi Son joined President-elect Donald Trump in announcing plans Monday by the Japanese technology and telecoms giant to invest $100 billion in U.S. projects over the next four years.
SoftBank’s U.S. listed shares closed 0.6% higher.
Chinese markets slid further, with Hong Kong’s Hang Seng index losing 0.4% to 19,725.08. The Shanghai Composite index shed 0.6% to 3,366.89.
Investors have appeared disappointed over Beijing’s latest announcements about policies aimed at buttressing economic growth and encouraging more consumer demand.
“In China, recent disappointing data continues to pressure domestic policymakers to intensify their policy stimulus to invigorate domestic demand,” Stephen Innes of SPI Asset Management said in a commentary.
South Korea’s Kospi sank 1% to 2,465.76 as authorities were pushing to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree of last week. The country’s Constitutional Court began its first meeting Monday on Yoon’s case to determine whether to remove him from office or reinstate him.
Australia’s S&P/ASX 200 gained 0.8% to 8,314.10, while the Taiex in Taiwan was up 0.2%. In Bangkok, the SET edged 0.2% lower.
On Monday, U.S. stock indexes drifted amid mixed trading.
The S&P 500 rose 0.4% to 6,074.08 and the Nasdaq composite climbed 1.2% to a record close of 20,173.89. The Dow Jones Industrial Average lagged, giving up 0.3% to 43,717.48.
Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations thanks to the wave of enthusiasm about its artificial-intelligence offerings.
On Wednesday, the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%.
The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting.
