Asian benchmarks mostly decline as markets await Nvidia earnings

TOKYO — Asian shares were mostly lower Wednesday, despite a record high on Wall Street, as investors awaited a closely watched earnings report from Nvidia.Toyota stock jumped 3.7% after Japanese media reported Japan’s top automaker was going to announce a cooperative agreement on fuel cells with European automaker BMW.

Australia’s S&P/ASX 200 was little changed, inching up less than 0.1% to 8,071.40. Australia’s headline index of inflation for July fell less than expected, down 3.5% from the previous year.Hong Kong’s Hang Seng, which has been rising steadily in recent sessions, dipped nearly 1.0% to 17,700.81. Analysts believe the higher-than-expected China’s industrial profits reported this week isn’t great enough to maintain the optimism. The Shanghai Composite dipped 0.6% to 2,832.59..

Also high on investors’ watch is the expectation for the Federal Reserve to cut its main interest rate at its next meeting in September. Investors are looking ahead to Friday, when the U.S. government releases its latest data on inflation with the PCE, or personal consumption and expenditures report, for July.On Wall Street, the Dow Jones Industrial Average rose 9 points, or less than 0.1%, which was good enough for its second all-time high in two days.

All told, the S&P 500 rose 8.96 points to 5,625.80. The Dow rose 9.98 points to 41,250.50, and the Nasdaq gained 29.05 points to close at 17,754.82. In currency trading, the U.S. dollar rose to 144.53 Japanese yen from 143.91 yen. The euro cost $1.1140, down from $1.1188.Hyundai Motor Unveils New 'Hyundai Way' Strategy and Outlines Mid- to Long-Term Goals at 2024 CEO Investor Day

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