Asian Shares Mixed In Muted Trading

(RTTNews) - Asian stocks ended narrowly mixed in muted trading on Tuesday as caution prevailed ahead of the release of U.S. inflation data that might influence the outlook for rates.

The dollar was firm, and gold edged up while oil dipped slightly as investors waited for further clarity on OPEC+ output policy.

Chinese markets ended on a flat note after a choppy session ahead of an expected announcement by the Biden administration on raising tariffs on Chinese EVs, semiconductors, batteries, solar cells, steel and aluminum.

The Shanghai Composite index finished marginally lower at 3,145.77 while Hong Kong's Hang Seng index slipped 0.22 percent to close at 19,073.71.

Japanese stocks eked out modest gains, led by gains in the banking and mining sectors. Exporters also finished mostly higher, buoyed by a weaker yen.

The Nikkei average rose 0.46 percent to 38,356.06 while the broader Topix index closed 0.25 percent higher at 2,730.95.

Japan's producer price index rose by 0.9 percent in April compared to the same time period last year, the Bank of Japan revealed in a report today.

Seoul stocks edged up slightly, with the Kospi average rising 0.11 percent to 2,730.34 as investors awaited cues from the release of U.S. consumer price and producer price inflation figures as well as Fed Chair Jerome Powell's speech.

Financial stocks underperformed, with KB Financial Group and Hana Financial Group tumbling 2.5 percent and 3.5 percent, respectively.

Central bank data showed earlier in the day that Korea's terms of trade rose for the fifth consecutive month in April as export prices rose while import prices fell.

Australian markets ended slightly lower following a lackluster session on Wall Street overnight. The benchmark S&P ASX 200 dipped 0.30 percent to 7,726.80 while the broader All Ordinaries index settled 0.30 percent lower at 7,995.70.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index dipped 0.29 percent to 11,618.09 after data showed electronic retail sales contracted in April.

U.S. stocks closed mixed overnight ahead of key inflation reports and Fed Chair Jerome Powell's speech scheduled for later in the week.

In economic news, a New York Federal Reserve survey found that consumers are bracing for a year of rising inflation and less income.

Federal Reserve Vice-chair Phillip Jefferson called for holding rates steady at current levels until inflation moderates back to the 2 percent target.

The Dow dipped 0.2 percent to snap an eight-day winning streak and the S&P 500 finished marginally lower while the tech-heavy Nasdaq Composite edged up 0.3 percent.