Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, Friday, February 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
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Asia-Pacific markets were mixed on Tuesday because the US market took a breather after rising on optimism in regards to the Federal Reserve’s rate of interest stance at its last meeting.
Sam Stovall, chief investment strategy officer at CFRA Research, noted that stocks are rising, with the S&P currently trading 33% higher than its average price-to-earnings ratio over the past 20 years.
“We are coming off a high after the FOMC meeting,” he told CNBC, referring to last week’s meeting of the US Federal Reserve’s Federal Open Market Committee. “The market is becoming more and more susceptible to price declines or declines.”
Investors in Asia are also waiting for economic data from Southeast Asia, including Singapore’s industrial production and Thailand’s trade balance. Japan’s service producer price index for February was 2.1%.
The Japanese stock exchange opened unchanged, while the broader Topix fell 0.07%.
South Korea rose 1.14% to its highest level since February 2022. Small-cap Kosdaq rose 0.18%.
In Australia, it fell 0.2% after coming near hitting an all-time high on Monday.
Hong Kong Hang Seng Index futures were at 16,497, indicating a rather stronger open in comparison with HSI’s close of 16,473.64.
Overnight within the US, all three major indexes lost ground, down 0.41% and down 0.31%, while the index was lower by 0.27%.
