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Asia-Pacific markets were trading mixed on Tuesday, defying moves on Wall Street after the S&P 500 erased earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months.

Markets are “catching their breath after Friday’s broad-based rally,” said Ryan Detrick, chief market strategist at the Carson Group. “It’s a very lackluster news day, which isn’t a bad thing as we consolidate some of those big recent gains we’ve had.”

Australia’s S&P/ASX 200

fell 1.2% and finished the day at 7,129.6 after the central bank surprised markets and raised its cash rate by 25 basis points to 4.1%. The Australian dollar strengthened by 0.8% to 0.6669 against the U.S. dollar.

In Japan, the Nikkei 225

continued to rise above the 32,000 mark, gaining 0.9% and ended at 32,506.78. Meanwhile the Topix was up 0.74% and closed at 2,236.28.

The last time the Nikkei traded at these levels, Japan was in the middle of its bubble economy — a period from 1986 to 1991 where real estate prices and stock prices were hugely inflated. The Nikkei reached its all-time high of just above 38,900 in December 1989.

South Korea’s markets are closed Tuesday for a holiday.

United States

As Wall Street processed a recent rally that saw the broad index reach its highest level in nine months, the S&P 500 made a modest advance on Tuesday to reach its highest close since the beginning of 2023.

The S&P 500 ended at 4,283.85, up 0.24 percent from its previous close to a nine-month high. It was also the broad-market index’s highest close since August 2022. Ending at 13,276.42, the Nasdaq Composite gained 0.36 percent. As losses of more than 2% in Merck and UnitedHealth weighed on the blue-chip average, the Dow Jones Industrial Average eked out a narrow gain of 0.03%, or 10.42 points, to close at 33,573.28.


Investors were waiting for additional clues to assess the Federal Reserve’s interest rate path ahead of its policy meeting next week as gold prices traded in a tight range on Tuesday.

Spot gold was up 0.1% at $1,964.27 per ounce by 1:49 EDT (1749 GMT).

On Tuesday, concerns that sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s promise to intensify output cuts, which led to an approximate 1 percent drop in oil prices.

U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.6%, to $71.74, while Brent futures fell 42 cents, or 0.6%, to $76.29 a barrel.

Costs rose on Monday after Saudi Arabia said throughout the end of the week it would slice result to around 9 million barrels each day (bpd) in July from around 10 million bpd in May.

Saudi Arabia, the world’s top oil exporter, additionally startlingly expanded the authority offering value of its rough to Asian purchasers.

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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