Asia-Pacific markets traded mixed on Tuesday as investors prepared for the U.S. presidential election and a possible interest rate cut from the Federal Reserve later this week.
In Japan, the Nikkei 225 index gained 421.23 points, or 1.1%, to 38,474.90
In Hong Kong, the Hang Seng Index progressed 439.45 points, or 2.1%, to 21.006.97.
Korea’s consumer inflation in October rose 1.3% from a year ago, slightly cooler than Reuters’ expectations of 1.4%.
Australian indexes went down after the Reserve Bank of Australia held its cash rate steady at 4.35% for the eighth meeting in a row, in line with Reuters’ expectations.
In contrast to other central banks in advanced economies, the Reserve Bank of Australia wrote in its statement that “inflation has fallen substantially since the peak in 2022,” but also added that underlying inflation is too high.
Economists from ANZ, Commonwealth Bank of Australia and HSBC had similarly expected the central bank to hold the cash rate steady, with ANZ forecasting that the first cut will come in February 2025.
In other markets
In Shanghai, the CSI 300 took on 99.81 points, or 2.5%, to 4,044.57
In Taiwan, the Taiex hiked 141.4 points, or 0.6%, to 23,106.79.
In Korea, the Kospi index went against the tide and dipped 12.09 points, or 0.5%, to 2,576.88.
In Singapore, the Straits Times Index forged ahead 9.57 points, or 0.3%, at 3,591.61.
In New Zealand, the NZX 50 added 67.71 points, or 0.5%, to 12,658.31
In Australia, the ASX 200 slipped 32.76 points, or 0.4%, to 8,131.83.
