Asian stocks were mixed on Tuesday after New York stocks reached a 15-month peak before closing for the 4th of July holiday.
Japan’s Nikkei 225 fell 0.9% to 33,445.55 while Hong Kong’s Hang Seng rose 0.4% to 19,393.33. The Shanghai Composite Index remained relatively unchanged at 3,243.86.
South Korea’s Kospi declined 0.3% to 2,594.32 while India’s Sensex edged just 0.1% higher after markets opened to 65,292.46.
These movements followed major gains from U.S. stocks, with the benchmark S&P 500 index rising to 4,455.59; its highest level since April 2022. The Dow Jones Industrial Index edged higher by 0.1% to 34,418.47 while the Nasdaq Composite Index advanced 0.2% to 13,816.77.
Oil prices increased after announcements by Saudi Arabia and Russia that they would both be extending their production cuts. Benchmark U.S. crude gained 31 cents to $70.10 per barrel on the New York Mercantile Exchange and 74.97 per barrel in London.
Australia’s central bank’s decision to hold interest rates steady seemed to have a minimal effect on Asian and global stocks.
