Asian markets slip as Wall Street pulls back after rally

Japan’s benchmark Nikkei 225 JP:NIK dove 1.8% in morning trading. Australia’s S&P/ASX 200 AU:XJO fell 0.8% while South Korea’s Kospi KR:180721 slid 1.4%. Hong Kong’s Hang Seng HK:HSI dipped 1.9%, while the Shanghai Composite CN:SHCOMP lost 0.8%. Benchmark indexes in Singapore SG:STI, Taiwan TW:Y9999 and Indonesia ID:JAKIDX fell.Japan’s benchmark Nikkei 225 JP:NIK dove 1.8% in morning trading. Australia’s S&P/ASX 200 AU:XJO fell 0.8% while South Korea’s Kospi KR:180721 slid 1.4%.

Worries have been broadly rising that expectations have built too high for the entire U.S. stock market after the S&P 500 surged more than 19% so far this year. Stocks had leaped to a 16-month high on hopes inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. That in turn could allow the economy to avoid a long-expected recession.

Reports on the economy Tuesday came in mixed. The number of job openings advertised across the country dipped slightly in June, when economists were expecting a rise. But the job market broadly remains solid, propping up the rest of the economy and keeping it out of a recession so far. “However, producers are clearly shrugging off recession fears and planning for better times ahead,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

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