Asian stock markets were mixed Tuesday after Wall Street was pulled lower by tech stock declines.
Tokyo and Hong Kong retreated while Shanghai and Seoul gained.
Overnight, Wall Street’s benchmark S&P 500 index lost 0.5%. Banks, energy companies and others that depend on consumer spending also retreated.
Investor optimism has been boosted by higher corporate profits, U.S. hiring and consumer confidence. Still, traders are uneasy about a rise in inflation and interest rates and renewed coronavirus infections that prompted some governments to reimpose anti-disease controls.
“Asian markets have experienced short-term volatility as investors balance the impact of higher interest rates with increasing optimism that pent-up demand will boost earnings,” said Janet Tsang of JP Morgan Asset Management in a report.
The Shanghai Composite Index gained 0.1% to 3,481.52 while the Nikkei 225 in Tokyo tumbled 1.9% to 29,114.27. The Hang Seng in Hong Kong shed less than 0.1%, to 29,099.73.
The Kospi in Seoul rose 0.3% to 3,209.13 and the S&P-ASX 200 in Sydney sank 0.4% to 7,038.20. New Zealand, Singapore and Jakarta declined while Bangkok advanced.
