Asian Shares Mixed Ahead Of Fed Meeting

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(RTTNews) - Asian stocks struggled for direction before ending mixed on Tuesday as investors braced for a busy week of earnings and economic data in the United States.

Fears about economic growth continued to weigh after top U.S. retailer Walmart struck a downbeat tone on the health of the U.S. consumer. Tech heavyweights Apple, Meta, Microsoft and Amazon are due to report their financial results this week.

The dollar held just below multi-decade highs while oil prices rose nearly 2 percent in Asian trade, adding to overnight gains on expectations that Russia's reduction in natural gas supply to Europe could encourage a switch to crude.

The U.S. Federal Reserve is expected to raise rates by 75 basis points on Wednesday, with investors looking for clues about the future pace or rate hikes.

The second quarter GDP figure for the U.S. is scheduled to be released on Thursday and a negative print would mean that the world's largest economy is in a technical recession.

China's Shanghai Composite index rose 0.83 percent to 3,277.44 after reports that government authorities plan to establish a bailout fund for certain property developers.

Hong Kong's Hang Seng index rallied 1.67 percent to 20,905.88. Alibaba Group shares surged 4.8 percent after the world's biggest e-commerce company said it would apply to elevate the status of its Hong Kong-traded shares to make them more accessible to mainland Chinese buyers.

Japanese shares ended lower as the minutes of Bank of Japan's June meeting cited the need to watch the impact of financial and forex market moves on the economy and prices.

The Nikkei average slipped 0.16 percent to 27,655.21 while the broader Topix index closed marginally lower at 1,943.17. Shipping and pharma stocks led losses while heavyweight SoftBank Group jumped 3.2 percent.

Seoul stocks rose modestly to extend gains for a second straight session after data showed GDP growth unexpectedly picked up in the second quarter. The Kospi average edged up 0.39 percent to settle at 2,412.96.

Australian markets ended slightly higher ahead of inflation data due on Wednesday. The benchmark S&P ASX 200 rose 0.26 percent to 6,807.30 while the broader All Ordinaries index closed 0.27 percent higher at 7,025.20.

Mining and energy stocks topped the gainers list on the back of higher iron ore and crude prices.

Across the Tasman, New Zealand's S&P NZX-50 index dropped 0.29 percent to 11,166.56. U.S. stocks ended mixed overnight as investors looked ahead to a busy week of earnings. The tech-heavy Nasdaq Composite shed 0.4 percent, while the Dow edged up 0.3 percent and the S&P 500 inched up 0.1 percent.

Japan Stock Market May Hand Back Tuesday's Gains

The Japanese stock market on Tuesday ended the two-day losing streak in which it had dropped almost 650 points or 1.4 percent. The Nikkei 225 now sits just above the 42,310-point plateau although it may see renewed consolidation on Wednesday.

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South Korea Shares May Head South Again On Wednesday

The South Korea stock market on Tuesday ended the two-day slide in which it had given up mor than 50 points or 1.6 percent. The KOSPI now rests just above the 3,170-point plateau although it's expected to turn lower again on Wednesday.

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Australia GDP Data Due On Wednesday

Australia will on Wednesday release Q2 figures for gross domestic product, highlighting a modest day for Asia-Pacific economic activity. GP is expected to rise 0.5 percent on quarter and 1.6 percent on year, up from 0.2 percent on quarter and 1.3 percent on year in the three months prior.

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U.S. Dollar Climbs Amid Rising Treasury Yields

The U.S. dollar strengthened against its major counterparts in the New York session on Tuesday, as investors awaited upcoming nonfarm payrolls data.

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Swiss Shares Extend Losing Streak

The Swiss stock market closed under pressure again on Tuesday, stretching its losing streak to three sessions while giving up more than 130 points or 1.1 percent in that span.

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Eurozone Inflation Path Suggests ECB Unlikely To Cut Rates Further

Euro area inflation modestly accelerated to a four-month high, and the core figure was steady around the 2 percent target in August as a slight slowing in both food price growth and services inflation was offset by a smaller decline in energy prices, which suggests that the European Central Bank is set to hold interest rates steady in future policy sessions.

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European Markets Finish In The Red On Tuesday

The major European markets finished firmly under water on Tuesday after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank's 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.

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U.S. Construction Spending Unexpectedly Edges Lower In July

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. unexpectedly edged slightly lower in the month of July. The Commerce Department said construction spending slipped by 0.1 percent to an annual rate of $2.139 trillion in July after falling by 0.4 to a revised rate of $2.141 trillion in June.

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EURUSD	1.1634	GBPUSD	1.33851	AUDUSD	0.65182
USDJPY	148.534	USDCAD	1.37845	USDCHF	0.80507