Asian Stock Markets Mixed After Wall St Hits Record Again | Business News

By JOE McDONALD, AP Business Writer

BEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street rose to a record for an eighth day.

Tokyo and Sydney advanced while Shanghai, Hong Kong and Seoul declined.

Wall Street’s benchmark S&P 500 index added 0.1% on Monday, boosted by gains for construction-related stocks after Congress approved a $1 trillion infrastructure bill.

Also Monday, the deputy chairman of the Federal Reserve, Richard Clarida, said conditions to raise interest rates might not be met until late 2022. Traders worry a spike in inflation might prompt central banks to withdraw stimulus that helped to boost stock prices.

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“Investors will be on the lookout for any clues that signal an adjustment to central banks’ taper process and rate hikes expectations,” Anderson Alves of ActivTrades said in a report.

The Nikkei 225 in Tokyo rose 0.1% to 29,536.17 while the Shanghai Composite Index lost 0.1% to 3,493.72. The Hang Seng in Hong Kong declined 0.1% to 24,732.93.

The Kospi in Seoul lost 0.3% to 2,952.04 while Sydney’s S&P-ASX 200 gained 0.1% to 7,460.50.

New Zealand and Jakarta advanced while Singapore declined.

Also Tuesday, Japan’s government reported wage growth fell to a three-month lost of 0.2% over a year earlier in September.

On Wall Street, the S&P 500 rose to 4,701.70, setting a record for an eighth day.

The Dow Jones Industrial Average rose 0.3% to 36,432.22. The Nasdaq composite gained 0.1% to 15,982.36. Both also were records.

Vulcan Materials, which sells crushed stone and concrete, rose 4.9%. Equipment-maker Caterpillar rose 4.1%.

Investor worries about inflation have been soothed by stronger corporate profits.

Advanced Micro Devices jumped 10.1% for the biggest gain in the S&P 500 after announcing Facebook parent company Meta would use AMD chips in its data centers. Chipmaker Nvidia rose 3.5%.

Steelmakers and other companies that stand to benefit from increased infrastructure spending also rallied following Congress’ passage of the infrastructure bill. Nucor gained 3.6%.

The Labor Department is due to report wholesale inflation Tuesday and consumer inflation Wednesday.

In energy markets, benchmark U.S. crude oil lost 8 cents to $81.85 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents on Monday to $81.93. Brent crude, the price basis for international oils, shed 18 cents to $83.25 in London. It 69 cents the previous session to $83.43 per barrel.

The dollar fell to 112.89 yen from Monday’s 113.24 yen. The euro edged down to $1.1586 from $1.1589.

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