Asian Stocks Mostly After Over Record U.S. Close, Investors Await RBA Decision -Breaking
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By Gina Lee
Investing.com – Asia Pacific stocks were mostly up on Tuesday morning, as U.S. shares came off a record-high close and investors await policy decisions from key central banks.
Japan’s fell 0.32% by 9:42 PM ET (1:42 AM GMT). South Korea’s rose 1.65%, with October’s consumer price index growing 0.1% and 3.2% .
Australia saw a drop of 0.63%.
Hong Kong’s jumped 1.72%.
China’s was up 0.25% while the was steady at 14,476.53.
U.S. stocks reached 36,000, a new record. Recent corporate earnings gave rise to optimism, and Tesla Inc. (NASDAQ) expanded its rally. If they contribute to wider and more sustained price pressures, COVID-19-related supply Chain challenges could prove even more challenging.
Investors are now looking to the U.S. Federal Reserve. It will hand down its Wednesday meeting where it is likely to announce it’s intention to begin asset tapering. The decision comes as the most-widespread U.S. supply crunch since 1973’s oil crisis fuels price pressures.
Another central bank that makes policy decisions is the. Its decision will be made later in the day. It will deliver its decision on November 4.
The key focus for the Fed meeting “will be much more on the Fed’s inflation stance than asset tapering,” Standard Chartered (OTC:) Bank head of global G10 FX research Steve Englander said in a note.
“The elephant in the room is the headline and underlying inflation, which are higher than the Fed was anticipating,” he added.
On the data front, October’s , released on Monday, was 60.8. It was lower than expected at 58.4.
This is expected to be released on Wednesday. On Thursday, trade data including and will be published. The U.S. latest jobs report (including ) will follow on Friday.
Meanwhile, U.S. President Joe Biden’s $1.75 trillion tax and spending package seemed to hit a bump on the road, after , a Democrat, warned that he could vote against the package and appealed for more time for Congress to assess the plan’s impact.
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