In Asian trading, Tokyo’s Nikkei 225 index lost 0.2% to 43,546.29 as market heavyweight SoftBank Group Corp. fell 4% after it announced it was taking a $2 billion stake in US computer chip maker Intel. Intel gained 5.4% in pre-market trading early Tuesday. In Hong Kong, the Hang Seng shed 0.2% to 25,122.90, while the Shanghai Composite index edged less than 0.1% lower, to 3,727.29. Australia’s S&P/ASX 200 declined 0.7% to 8,896.20.
In Seoul, the Kospi gave up 0.8% to 3,151.56. Taiwan’s Taiex fell 0.5% and the Sensex in India was up 0.4%. In Bangkok, the SET slipped 0.1%. This week will bring updates from the head of the Federal Reserve and from some of the biggest US retailers. On Monday, indexes mostly fell in Europe in their first trading after Trump’s inconclusive summit meeting with Russian President Vladimir Putin on Friday about the war in Ukraine.
Trump met with Ukrainian President Volodymyr Zelenskyy on Monday, but that meeting finished after US markets were closed. The S&P 500 barely budged and fell by less than 0.1%. It was its first loss after it set an all-time high for three consecutive days. The Dow slipped 0.1% and the Nasdaq composite edged up by less than 0.1%.
Novo Nordisk’s stock that trades in the United States rose 3.7% after the Danish company said USregulators approved its Wegovy drug as part of a treatment for a liver disease found in many overweight and obese people. Soho House, a membership club with locations around the world, jumped 14.9% after announcing a deal where an investor group led by hotel-operator MCR would pay $9 in cash for its shares.
On Friday, the focus will swing to Jackson Hole, Wyoming, which has been the home in past years of many big policy announcements from the Fed. There, Fed Chair Jerome Powell will give a speech, and investors are hoping to hear how his mind has changed about interest rates since he said last month that he wanted to wait longer before cutting interest rates.
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