Japan's Nikkei 225 drops 249 points as Asian stocks flounder

Lola Evans
09 Aug 2022, 17:29 GMT+10

Stocks in Asia were mixed Tuesday while in the Pacific, markets rose.
China's Shanghai Composite added 10.50 points or 0.32 percent to 7,029.80.
In Japan, the Nikkei 225 retreated 249.28 points or 0.88 percent to 27,999.76.

SYDNEY, NSW, Australia - Stocks in Asia were mixed Tuesday while in the Pacific, markets rose. The scene mirrored events on Wall Street overnight.

"U.S. stocks were struggling to hold on to gains, as the focus moves from a robust U.S. labour market to the U.S. CPI data out later this week," Reuters reported ANZ analysts as saying in a note Tuesday.

"The priority of reducing inflation to underpin the expansion in domestic demand and sustainable jobs growth will ring loud and clear from the 25-27 August Jackson Hole symposium."

China's Shanghai Composite added 10.50 points or 0.32 percent to 7,029.80.

The Australian All Ordinaries advanced 19.10 points or 0.26 percent to 7,278.60.

In Japan, the Nikkei 225 retreated 249.28 points or 0.88 percent to 27,999.76.

In New Zealand, the S&P/NZX 50 strengthened 50.67 points or 0.43 percent to 11,753.48.

South Korea's Kospi Composite added 10.16 points or 0.41 percent to 2,503.26.

In Hong Kong, the Hang Seng lost 42.33 points or 0.21 percent to 20,003.44.

Overnight on Wall Street, the Dow Jones industrials edged up 29.097 points or 0.09 percent to 12,832.54.

The Nasdaq Composite declined 13.10 points or 0.10 percent to 12,644.45.

The Standard and Poor's 500 dipped 5.13 points or 0.12 percent to 4,140.06.

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