SEOUL, South Korea (AP) – Shares were mostly lower in Asia on Tuesday in sluggish trading as oil prices fell back after a three-day rally. Investors were digesting mixed reports on the health of the global economy and awaiting U.S. data later in the week.
KEEPING SCORE: Japan’s Nikkei 225 fell 1.6 percent to 16,596.51 as the yen gained against the U.S. dollar. South Korea’s Kospi eked out a 0.1 percent loss to close at 2,047.76. Hong Kong’s Hang Seng index was flat at 22,934.86 while Australia’s S&P/ASX 200 dipped 0.1 percent to 5,532.00. Stocks in mainland China and Taiwan fell and markets in Southeast Asia were mostly lower.
ANALYST’S TAKE: “Trading across the region is also subdued. Currency markets are becalmed, and gold and oil are steady at higher levels,” Michael McCarthy, chief market strategist at CMC Markets, said in a daily commentary. “Naturally, energy and material stocks are finding support, but volumes indicate an overall lack of investor interest.”
MIXED DATA: Global markets have seen small gains and losses as investors digest mixed reports on the health of the global economy. Japan’s economy grew at a lower-than-expected 0.2 percent in the second quarter, which could push the Bank of Japan to do more to stimulate the economy. Last week, data showed that Chinese factory output and other economic activity weakened in July. American consumers cut spending in July, but a survey showed that U.S. homebuilders are feeling more optimistic as prices and sales of new homes rise.
WALL STREET: U.S. stocks closed at a record high Monday thanks to gains for chemicals, machinery and energy companies, which were buoyed by the recovery in oil prices. The Dow Jones industrial average climbed 0.3 percent to 18,636.05. The Standard & Poor’s 500 index rose 0.3 percent to 2,190.15. The Nasdaq composite added 0.6 percent to 5,262.02.