A bronze bull statue outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, June 3, 2024. India’s stock futures jumped after exit polls indicated a resounding victory for Prime Minister Narendra Modi’s ruling party in general elections that concluded Saturday. Photographer: Dhiraj Singh/Bloomberg via Getty Images
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Asia-Pacific markets slipped on Tuesday, trailing a mixed session on Wall Street.
Investors saw a light day in terms of economic data out of Asian countries. Meanwhile, Hyundai Motor India made its trading debut after a record IPO.
Shares were trading down at 1,860 rupees from their initial public offering price of 1,960 rupees, according to BSE data. The automaker had offered 142.19 million shares at a price band of 1,865 Indian rupees ($22.18) to 1,960 rupees. The IPO fetched 278.56 billion rupees, or $3.3 billion.
Australia’s S&P/ASX 200 was down 1.66% to close at 8,205.7, its lowest level in almost 2 weeks, while South Korea’s Kospi slipped 1.28% and its small cap Kosdaq lost 2.68%.
Japan’s benchmark Nikkei 225 fell 1.39% to 38,411.96, while the broad based Topix was trading down 1.06% at 2,651.47.
Hong Kong’s Hang Seng index was close to the flatline, while the mainland Chinese CSI 300 inched down 0.21%.
During the U.S. trading session, two Federal Reserve officials had spoken about the trajectory of interest rates.
Minneapolis Fed President Neel Kashkari, noting the U.S.’ resilient economy and strong labor market, said the longer term trajectory for interest rates could be higher than it has in the past.
Dallas Federal Reserve President Lorie Logan said she supports the current move to lowering interest rates, but that a patient approach will be needed.
Overnight in the U.S., stocks ended mixed as Treasury yields rose and investors awaited new earnings reports.
The S&P 500 slipped 0.18% and the 30-stock Dow lost 0.8%, and snapped a three-day run of winning sessions. The Nasdaq Composite was the outlier, rising 0.27%.
— CNBC’s Pia Singh and Sarah Min contributed to this report.
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