US stocks were little changed as the US industrial production declined in October, while the world’s largest economy’s Empire Manufacturing Index came in lower than forecasted.
The S&P 500 index climbed 0.07% to 2,041.32, while the Dow Jones Industrial Average rose 0.07% to close at 17,647.75 and Nasdaq technology slid 0.43% lower to 4,671.00 at the time of writing.
Traders will be focusing on both the inflation report and minutes from the Federal Reserve’s (Fed) minutes from its October 28-19 meeting, which may determine the central bank’s next move.
The US industrial production fell 0.1% in October, lower than analysts forecast of a 0.2% rise, while the nation’s Empire Manufacturing Index climbed 10.16 points in November, compared to the previous figure of 6.17 points in October.
Asia Stocks
Stocks in the Asian region were swinging in between gains and losses on Tuesday after data showed that Japan’s economy fell into recession in the last quarter as traders await a decision from the nation’s Prime Minister Shinzo Abe to cut sale-tax increase and call an election.
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The Japanese Prime Minister Shinzo Abe will be holding a press conference later in the day, where he’s expected to announce a delay in the October sale tax increase and call an election for mid-December.
The Japanese yen weakened to a seven-year low against the US dollar on Tuesday, trading around 116.60 yen on Tuesday versus 115.40 yen overnight.
The benchmark Nikkei 225 index rallied 1.68% to 17,259.70 points during the early trading hours, while Tokyo’s Topix index gained 1.63% to 1,388.37 points.
Hitachi saw gains, with shares rising 2.6%, while Sony rallied 5%, Hino Motor was up 1.8% and Suzuki Motor added over 2%.
Hong Kong’s Hang Seng index declined 0.19% to 23,752.78 points, while the Chinese mainland Shanghai Composite fell 0.21% to 2,468.74 points at the same time.
Home prices dropped in 69 out of 70 cities in October, a report from the National Bureau of Statistics showed.
The Korean kospi index rallied 1.01% to 1,963.18 points, while the Australian S&P/ASX 200 index fell 0.15% lower to 5,404.60 points.
Europe Stocks
European stocks opened with gains on Tuesday, boosted by the latest comments from the European central Bank(ECB) as traders awaits Germany’s ZEW index figures and Britain’s inflation data.
Europe’s Euro Stoxx 50 gained 0.11% to 3,088.04, while UK’s benchmark FTSE 100 index rose 0.18% to 6,683.79 at the time of writing. In France, the CAC 40 index added 0.01% to 4,226.69 and the German DAX 30 index edged 0.23% higher to 9,327.52.
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