Asian Shares Higher Ahead Of U.S. Report On Inflation

Shares were mostly higher in Asia on Tuesday ahead of a report on inflation in the US that could sway the Federal Reserve’s timing on cutting interest rates, as reported by Elaine Kurtenbach for the Associated Press (AP).

The BOJ is expected to raise its negative benchmark interest rate next month, pushing the Japanese yen higher against the US dollar.

US futures and oil prices were higher.

Japan’s Nikkei 225 lost less than 0.1% to 38,797.51, retreating further from its recent record highs as expectations build that the central bank will raise its negative benchmark interest rate next month.

That speculation has pushed the Japanese yen higher against the US dollar. Early Tuesday, the dollar was trading at 147.41 yen, up from 146.95 yen. Recently the dollar was trading at about 150 yen.

Chinese markets were mixed, with Hong Kong’s Hang Seng up 3.2% at 17,124.19, led by property developers and technology companies.

Financially challenged developer Country Garden’s shares jumped 5.2%. China Evergrande, which is struggling to repay debts amounting to over $300 billion, jumped nearly 28%, and Sunac China Holding added 10%.

The Shanghai Composite index retreated, losing 0.4% to 3,055.94.

Elsewhere in Asia, the S&P/ASX 200 edged 0.1% higher to 7,712.50. South Korea’s Kospi advanced 0.8% to 2,681.81. On Monday, the S&P 500 slipped 0.1% to 5,117.94, remaining near its all-time high set Thursday.

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