Stock market today: Asian shares trade mixed after Wall Street closes near record finish

Stock market today: Asian shares trade mixed after Wall Street closes near record finish


TOKYO (AP) — Asian stocks were mixed on Monday as investors awaited further signs that the Federal Reserve could begin cutting interest rates.

Japan's Nikkei 225 lost 0.7% to 40,619.40 as investors sold shares to lock in gains after the benchmark index recently hit record highs.

Hong Kong's Hang Seng rose 0.5% to 16,584.22, while the Shanghai Composite gained 0.4% to 3,061.36.

The Chinese yuan, or renminbi, fell to a four-month low of 7.2282 per US dollar.

Australia's S&P/ASX 200 rose 0.6 percent to 7,813.70. South Korea's kospi lost 0.5 percent to 2,735.46.

A top Japanese finance official expressed reservations about the recent rise of the US dollar against the Japanese yen, fueling speculation about possible market intervention. The dollar has risen to nearly 152 yen, a jump from slightly above 130 yen a year ago. On Monday it was trading at 151.13 yen, down from 151.41 yen. The euro cost $1.0814, down from $1.0810.

Last week, the Bank of Japan raised a key interest rate for the first time in 17 years, to just above zero from below zero, or negative interest rates. That means borrowing rates in Japan still remain below those of the United States and many other nations.

“The recent Bank of Japan meeting added another layer of complexity to the dollar's trajectory. Despite the BOJ's decision to raise rates, the cautious communication failed to stimulate demand for the Japanese yen,” said Luca Santos, currency analyst at ACY Securities.

On Friday, the S&P 500 fell 0.1% from an all-time high to close at 5,234.18. The Dow Jones Industrial Average fell 0.8% to 39,475.90 and the Nasdaq composite rose 0.2% to 16,428.82, extending its record.

In the bond market, US Treasury yields fell. The 10-year Treasury yield fell to 4.21% from 4.27% late Thursday.

The US Federal Reserve has indicated it could make three interest rate cuts this year, as long as inflation continues to cool. The Federal Reserve's main interest rate is at its highest level since 2001.

In energy trading, benchmark U.S. crude added 52 cents to $81.15 a barrel. Brent crude, the international standard, rose 52 cents to $85.35 a barrel.


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