Asian stocks were steady Tuesday after the U.S. snapped a five-day drop ahead of inflation data that could impact expectations of the likely timeline for a reduction in Federal Reserve stimulus.
Japan’s Nikkei 225 Stock Average edged up and was on track for its highest close since 1990. South Korea climbed but Australia slipped. U.S. contracts fluctuated after energy firms bolstered the S&P 500 overnight. Treasury yields held a retreat and the dollar was little changed. Chinese technology shares listed in the U.S. declined for a fourth day on Beijing’s regulatory crackdown.
The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance rose 0.22% to 17.414, as of 6:40 a.m.
Commodities have surged to a 10-year high, with materials from aluminum to steel rallying and European gas and power hitting records. The escalating cost pressures come as traders await a report expected to show an annual pace of U.S. inflation of 5% or more for a fourth month.
Elsewhere, oil rose for a third day as investors tracked a storm menacing the Gulf of Mexico just weeks after Hurricane Ida cut local production. Bitcoin was trading at around $45,000.