People walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 2, 2024, in Tokyo. Asian shares were mixed on Tuesday after Wall Street pulled back from its record following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween.
In South Korea, the Kospi edged 0.1% higher to 2,750.63 after data showed the country’s consumer prices rose 3.1% in March compared to the same period last year, matching the previous month’s pace. Helping to keep the losses in check was Newmont. The miner's stock rose 1.6% as the price of gold continues to set records.
Following the manufacturing data, traders on Wall Street briefly trimmed bets on the first cut to rates coming as soon as June. That's still a “reasonable baseline" expectation, according to Deutsche Bank economists, but they say tough talk from Fed officials recently could hint at interest rates staying higher for longer than earlier thought.
A slowdown would be welcome on Wall Street, where the hope is that the economy remains solid but not so strong that it pushes inflation higher. Inflation is milder than it was at its peak nearly two years ago. But
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