Asia-Pacific shares mixed; Evergrande shares in Hong Kong plunge

Asia-Pacific shares mixed; Evergrande shares in Hong Kong plunge

SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday morning trade as investors look ahead to the release of U.S. consumer inflation data for August.

In Hong Kong, China Evergrande Group’s stock plunged more than 6% after the embattled property developer on Tuesday flagged expectations for a “significant continuing decline in contract sales in September,” with dampened confidence after negative media reports surrounding the firm.

The broader Hang Seng index in Hong Kong rose 0.19%, recovering partially from its Monday drop. Mainland Chinese stocks were mixed, with the Shanghai composite dipping 0.17% while the Shenzhen component climbed 0.17%.

The Nikkei 225 in Japan rose 0.8% while the Topix index advanced 0.66%. South Korea’s Kospi gained 0.83%.

Over in Australia, the S&P/ASX 200 shed 0.29%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.21% higher.

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Overnight stateside, the Dow Jones Industrial Average rebounded from a five-day losing streak, jumping 261.91 points to 34,869.63. The S&P 500 edged 0.23% higher to 4,468.73. The Nasdaq Composite lagged as it dipped fractionally to 15,105.58.

Looking ahead, the U.S. consumer price index for August is set to be released on Tuesday stateside, with expectations that it will likely show inflation stateside continuing to run hot.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.621 after a recent decline from above 92.7.

The Japanese yen traded at 110.05 per dollar, stronger than levels around 110.1 seen against the greenback yesterday. The Australian dollar was at $0.7367 as it struggled to recover after declining from above $0.744 last week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.26% to $73.70 per barrel. U.S. crude futures gained 0.35% to $70.70 per barrel.

Original news source Credit: www.cnbc.com



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