Investing.com-- Asian stocks retreated on Tuesday after four straight days of gains as investors awaited more economic cues from China and Australia, while South Korean shares saw a heavy dose of profit taking.sank 2.6%, leading losses in the region as investors locked in profits from an over 4% jump in the prior session. The KOSPI marked its best day in over three years after the South Korean government banned short-selling until end-June 2024.
Broader Asian markets were also hit with a measure of profit taking, as markets somewhat reconsidered expectations that the Federal Reserve will pause its current rate hike cycle. Expectations of a pause in the Fed’s rate hikes, especially after weaker-than-expected payrolls data, had spurred strong gains in global stock markets over the past four sessions.
But weakness in imports could also signal more headwinds for broader Asian markets, given that they depend on China as a major export destination. to 4.35%, further tightening monetary conditions for local stocks. The move comes following an uptick in Australian inflation over the past quarter.
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