TOKYO — Asian shares were mixed on Tuesday after a rally on Wall Street which recovered some of the losses from the worst market week in nearly a year and a half.
Japan’s benchmark Nikkei 225 rose nearly 0.2% to 36,282.25 in midday trading. Australia’s S&The P/ASX 200 rose 0.4% to 8,021.10, while South Korea’s Kospi lost 0.3% to 2,529.02. Hong Kong’s Hang Seng rose 0.4% to 17,270.12. The Shanghai Composite fell 0.2% to 2,729.86.
Investors’ attention now turns to the latest monthly updates on consumer and wholesale inflation, due later in the week.
The United States Federal Reserve uses high interest rates to put the brakes on the economy and suppress inflation. The Federal Reserve is expected to begin cutting rates later in September, which would ease the pressure on the economy as the focus now shifts to protecting the labor market and preventing a recession.
Monday on Wall Street, the S&P500 rose 1.2% to 5,471.05, although it did not recover all of its gains. fall on fridaylet alone the rest of the four-day losing streak it snapped. The Dow Jones Industrial Average rose 1.2 percent to 40,829.59, and the Nasdaq Composite gained 1.2 percent to 16,884.60.
Boeing rose 3.4 percent after reaching a tentative deal with its largest union on a new contract that, if ratified, would avert a strike that threatened to shut down plane production through the end of the week. Boeing said 33,000 workers represented by the International Association of Machinists and Aerospace Workers would get a 25 percent pay increase over the four-year contract.
Nvidia and other major tech companies also returned to their long-held position of market leadership, at least briefly. Nvidia climbed 3.5% and was the strongest force that the S&P500 up, after a 13.9% drop in the previous week.
Apple shares were largely flat after the company unveiled its latest iPhone, the 16. It’s the first model specifically tuned for artificial intelligence, with expected improvements to the Siri virtual assistant.
On the bond market, the yield on 10-year government bonds fell slightly from 3.72% on Friday evening to 3.71%.
In energy trading, U.S. benchmark crude fell 19 cents to $68.52 a barrel. Brent crude, the international standard, lost 15 cents to $71.69 a barrel.
In currency trading, the US dollar fell slightly to 143.09 Japanese yen from 143.15 yen. The euro was worth $1.1041, little changed from $1.1040.
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AP Business Writer Stan Choe contributed from New York.