The Shanghai Composite Index lost 0.4% to 3,119.04 while the Nikkei 225 in Tokyo advanced 0.4% to 31,573.96. The Hang Seng in Hong Kong lost 1.3% to 17,713.68.India’s Sensex opened up 0.3% at 65,147.47. New Zealand and Singapore retreated while Bangkok and Jakarta 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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