A bronze bull statue outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, June 3, 2024. India’s stock futures jumped after exit polls indicated a resounding victory for Prime Minister Narendra Modi’s ruling party in general elections that concluded Saturday. Photographer: Dhiraj Singh/Bloomberg via Getty Images
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Asia-Pacific markets slipped on Tuesday, trailing a mixed session on Wall Street.
Australia’s S&P/ASX 200 started the day down 1.2%, while South Korea’s Kospi slipped 0.82% and its small cap Kosdaq lost 1.40%.
In contrast, Japan’s benchmark Nikkei 225 rose marginally, while the broad based Topix was trading close to the flatline.
Futures for Hong Kong’s Hang Seng index stood at 20,386, pointing to a weaker open compared to the HSI’s last close of 20,478.46.
Investors in Asia will see a light day in terms of economic data. But they will be watching the 278.56 billion rupee ($3.3 billion) trading debut of Hyundai India on the country’s stock exchange, which is reportedly set to be India’s largest ever IPO.
During the U.S. trading session, two U.S. Federal Reserve officials had spoken about the trajectory of interest rates.
Minneapolis Fed President Neel Kashkari, noting the U.S.’ resilient economy and strong labor market, said the longer term trajectory for interest rates could be higher than it has in the past.
Dallas Federal Reserve President Lorie Logan said she supports the current move to lowering interest rates, but that a patient approach will be needed.
Overnight in the U.S., stocks ended mixed as Treasury yields rose and investors awaited new earnings reports.
The S&P 500 slipped 0.18% and the 30-stock Dow lost 0.8%, and snapped a three-day run of winning sessions.
The Nasdaq Composite was the outlier, rising 0.27%.
— CNBC’s Pia Singh and Sarah Min contributed to this report.
