People stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Aug. 21, 2023, in Tokyo. Asian stocks were mixed Monday as traders looked ahead to the Federal Reserves summer conference for signs of whether the U.S. central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.
The Shanghai Composite Index lost 0.3% to 3,122.67 while the Nikkei 225 in Tokyo advanced 0.6% to 31,626.56. The Hang Seng in Hong Kong lost 1.1% to 17,760.29.New Zealand, Singapore and Bangkok retreated while Singapore gained. The S&P 500 soared in the first seven months of 2023 but has given back more than one-quarter of those gains after critics warned the market embraced the notion too early that inflation was under control and rate hikes were finished.
Data indicating U.S. consumer spending and hiring are unexpectedly strong have fueled expectations the Fed might feel pressure to keep its benchmark lending rate higher for longer.
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