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Panoramic view of Seoul city skyline and Lotte Tower in Han River at sunset.
Ed Jones | AFP | Getty Images
Asia-Pacific markets were mixed on Tuesday after Wall Street shrugged off political uncertainty and gained overnight.
Australia’s S&P/ASX 200 edged up 0.61%. Japan’s Nikkei 225 rose 0.41% and the Topix gained 0.49%.
South Korea’s Kospi index rose 0.58%, while the smaller Kosdaq rose 0.42%. South Korea’s producer price index rose 2.5% year-on-year in June, following a 2.3% gain in May. Shares of popular messaging app Kakao fell 4.63% after a South Korean court reportedly issued an arrest warrant for its founder Brian Kim on suspicion of market manipulation.
Hong Kong’s Hang Seng fell 0.23%, while mainland China’s CSI 300 index fell 0.52%.
Later on Tuesday, India is expected to present the first budget of Prime Minister Narendra Modi’s third five-year term. Barclays analysts expect the coalition government to show consistency in budget policy, “showing continued fiscal consolidation and a slight shift in the spending mix.”
“We focus on capital spending and believe the government will use the increased revenue to finance increased revenue spending, balancing economic and political demands,” Barclays wrote in a recent report.
Asian traders will also be keeping a close eye on Singapore’s June inflation data. Economists polled by Reuters expect the country’s consumer price index to rise 2.7% year-on-year, compared with a 3.1% increase in May.
In the United States, the S&P 500 rose, posting its best day since June 5, as technology stocks rebounded after the index suffered its worst weekly drop since April.
The index rose 1.08% to 5,564.41, its best day since June 5, while the Nasdaq Composite rose 1.58% to 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to 40,415.44.
—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
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