Shares mixed after sharp falls in the previous session

Pedestrians cross a road in front of an electronic quotation board displaying figures on company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021.

KAZUHIRO NOGI | AFP via Getty Images

Shares in the Asia-Pacific region were mixed on Tuesday after sharp falls that started the week after Fed Chairman Jerome Powell̵[ads1]7;s hawkish speech in Jackson Hole.

Japan’s Nikkei 225 rose 0.87% and the Topix index rose 1%.

The Kospi in South Korea rose 0.3% and the Kosdaq gained 0.85%. In Australia, the S&P/ASX 200 was 0.45% higher.

Hong Kong’s Hang Seng Index fell 1.52% while the Hang Seng Tech Index traded 2.3% lower, while markets in mainland China were mixed. The Shanghai Composite was fractionally higher and the Shenzhen component fell 0.246% at the open.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.37% lower.

Overnight in the US, the S&P 500 fell 0.67% to 4,030.61, and the Nasdaq Composite lost 1.02% to 12,017.67.

The Dow Industrial Average fell 184.41 points, or 0.57%, to 32,098.99. The Dow fell more than 300 points earlier in the session and rose briefly at one point. US futures edged higher after a straight decline for the major averages.

“It appears that investors are still digesting the fallout from the Fed Chair [Powell’s] hawkish speech where he not only refuted the notion of a dovish pivot, but emphasized the need for interest rates to go higher and remain restrictive to reverse inflation,” Rodrigo Catril, a strategist at National Australia Bank, wrote in a Tuesday note.

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