Stock market today: Asian shares are mixed after gains on Wall Street

HONG KONG — Asian shares were mixed on Tuesday as stocks rose on Wall Street and US bond yields rose. issues related to the elections influenced markets worldwide.

U.S. futures fell and oil prices rose. The Japanese yen fell to nearly a new 38-year low, hitting 161.67 yen per dollar on Tuesday morning.

The Nikkei 225, Tokyo’s main index, rose 1.1% to 40,074.69 as the weaker yen prompted buying of export-oriented stocks.

Australia’s S&The P/ASX 200 fell 0.4% to 7,718.20. South Korea’s Kospi fell 0.8% to 2,781.92 despite data from Statistics Korea showing the country’s consumer inflation slowed to an 11-month low in June.

Hong Kong markets were higher after a holiday break on Monday, with the Hang Seng rising 0.3% to 17,775.84 and the Shanghai Composite index rising slightly 0.1% to 2,995.78.

Elsewhere, Taiwan’s Taiex rose 0.6%, while Bangkok’s SET fell 0.4%.

Monday is the S&The P 500 rose 0.3% to 5,475.09. The Dow Jones Industrial Average rose 0.1% to 39,169.52 and the Nasdaq Composite gained 0.8% to 17,879.30.

Some of the strongest action globally came across the Atlantic, with the CAC 40 index rising as much as 2.8% in Paris before settling for a 1.1% gain. Results from France suggested a Far-right political party may fail to win a decisive majority in the country’s parliamentary elections. That raised hopes for a possible stalemate in the French government, which would prevent a worst-case scenario in which the far right wins a clear majority policy that would significantly increase the French government debt.

This is an important year for elections worldwide, with voters turning to the UK polls later this week and soon elsewhere. In the United States, pollsters are measuring the impact of debate from last week between President Joe Biden and former President Donald Trump.

Investors also consider the potential impact of a Supreme Court ruling It was announced on Monday that former presidents enjoy broad immunity from prosecution, likely extending the delay in a criminal case against Donald Trump until after the November election.

Trump media & Technology Group, whose stock has risen and fallen with Trump’s White House bid, rose 1% to $33.08. But shares of the company behind Trump’s Truth Social platform are still well below the $70 they hit earlier this year.

Treasury yields rose, as they did on Friday in the immediate aftermath of the Biden-Trump debate. The rising prospects of a Republican victory in November sent traders back to 2016 moves, strategists at Morgan Stanley said. In addition to pushing up yields, traders also piled into energy and financial stocks.

The yield on the 10-year Treasury note climbed to 4.46% from 4.39% late Friday and 4.29% late Thursday. It’s a reversal of the general trend since the spring, when the yield on the 10-year Treasury note topped 4.70% in late April.

Yields had largely fallen on hopes that inflation would slow enough to convince the Federal Reserve lower its key interest rate later this year, down from the highest level in more than two decades. High rates are grinding on the American economy by making it more expensive to borrow money for a housecar or something else.

Hopes for rate cuts remain after a report on Monday indicated that the U.S. production weakens last month by more than economists had expected. Perhaps more importantly for Wall Street, the Institute for Supply Management report also said price increases are slowing. Taken together, the data could provide more evidence that the Federal Reserve wants to see some relief from inflationary pressures before cutting interest rates.

The economic highlight of the week is likely to come Friday, when the U.S. government will say how many workers employers hired in June. Economists predict that total hiring slowed to 190,000 from 272,000 in May, closer to what Bank of America calls the “Goldilocks” figure of about 150,000, or about 25,000.

At that level, the US economy could continue to grow and avoid a recession without the economy becoming so strong that it puts too much upward pressure on inflation.

In other trading, benchmark U.S. crude rose 15 cents to $83.53 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 23 cents to $86.83 a barrel.

The euro cost $1.0729, down from $1.0738.