Stock market today: Global stocks mixed after bank failure

A person walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, May 2, 2023, in Tokyo. Asian shares were mixed Tuesday with some markets closed or anticipating holidays and investors showing muted reaction to the latest historic U.S. banking failure. –

Australia’s S&P/ASX 200 dipped 0.9% to 7,267.40, after the Reserve Bank of Australia raised interest rates by a quarter-percentage point, an unexpected move that signaled further tightening might be ahead. Economic and inflation reports are expected in Europe ahead of the central bank meeting later in the week. Markets are also bracing for what is hoped to be the last interest rate hike by the U.S. Federal Reserve for some time. Oil prices fell, while currencies were little changed.

“We believe that the government will resume subsidies on electric vehicles, which would benefit both the manufacturing and services sector. The government might also push infrastructure construction faster,” said Robert Carnell and other analysts at ING in their report.

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