Asian shares mixed after wobbly day on Wall Street

June 28, 2022
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Asian shares were mixed Tuesday after a wobbly day on Wall Street as markets cooled off following a rare winning week.

Benchmarks rose in Tokyo, Seoul, and Sydney but fell in Hong Kong and Shanghai. Oil prices rose while U.S. futures were little changed.

Rising energy prices and Treasury bond yields were weighing on sentiment, and investors are awaiting remarks expected for midweek by central bank leaders including Federal Reserve Chair Jerome Powell and European Central Bank chief Christine Lagarde, analysts said.

Investors will get another update on U.S. economic growth on Wednesday when the Commerce Department releases a report on first-quarter gross domestic product.

U.S. consumer confidence data is also on the agenda in a week with few other major economic releases, leading some investors to adopt a “wait and see” stance, said Jun Rong Yeap of IG.

“For now, traders are keeping an eye on the U.S. economy and Federal Reserve policy. As a result, increasing positioning in risk assets like Asian equities, the debt market, and even high-yielding foreign exchange has not shown any strong inflows recently,” Anderson Alves of ActivTrades said in a commentary.

Tokyo’s Nikkei 225 index gained 0.3% to 26,959.17 while the Kospi in Seoul also rose 0.3%, to 2,408.57. Australia’s S&P/ASX 200 climbed 0.6% to 6,743.20.