SEOUL, South Korea (AP) – Asian stock markets were little changed Tuesday after Wall Street closed almost flat amid little market-moving news.
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US stock indexes were headed for a slightly lower close in late-afternoon trading Monday, weighed down by drug companies and consumer-focused stocks.
USA stocks recovered from a late-afternoon slide to eke out small gains Tuesday, nudging the Nasdaq composite to its second record close in less than a week.
“Friday’s employment report was extremely strong and I think that’s hardened the conviction of investors who view the USA economy as strongly outperforming other countries”, said Kathy Lien, managing director at BK Asset Management in NY.
US stocks veered higher in morning trading Tuesday, led by gains in health care, technology and consumer-focused companies.
Oil prices rose after reports of a new OPEC meeting.
Futures slipped as much as 0.3 percent in NY.
CHINA DATA: China’s consumer price index rose 1.8 percent last month over a year earlier, slower than June’s 1.9 percent, the official Xinhua news agency said, citing the National Bureau of Statistics. The Nasdaq composite index gained 12.34 points, or 0.2 percent, to 5,225.48.
Investors will continue to assess the rest of second-quarter earnings and economic data to justify valuations. Tokyo’s Nikkei 225 surged 2.4 percent. The stock dropped $1.57 to $24.05. Kohl’s also fell, shedding $1.62, or 4.1 percent, to $37.75. Target slid $2.43, or 3.2 percent, to $72.57.
ROUGH SEAS: Shares in two of the biggest cruise line operators were down. Natural gas fell 13 cents, or 4.8 percent, to $2.62 per 1,000 cubic feet.
The Organization of the Petroleum Exporting Countries said Monday that a meeting would take place on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.
OPEC announced that it will once again hold informal meetings from September 26 through September 28 to address issues such as overproduction that have recently driven oil prices down.
Benchmark U.S. crude was up 11 cents, or 0.3 percent, to $43.13 per barrel in NY, adding to the $1.22 gains made on Monday. Brent crude, used to price worldwide oils, lost 28 cents at $45.11 per barrel in London. France’s CAC 40 was up 0.1 percent, while Britain’s FTSE 100 index was up 0.2 percent. Sydney’s S&P-ASX 200 added 0.4 percent, while Seoul’s Kospi rose 0.9 percent. Hong Kong’s Hang Seng index fell 0.1 percent, while China’s Shanghai Composite Index gained 0.7 percent.
The stock market hit record highs on Friday after the Labor Department said USA employers added 255,000 jobs in July – far more than investors expected.
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BONDS AND CURRENCIES: Bond prices rose. US production averaged 9.4 million barrels a day a year ago.
