Asian stocks edge lower as yen, South Korea’s Kospi advance
The MSCI Asia-Pacific Index of regional equities drops 0.2% as gauges in Japan and Australia fall
Asian stock markets opened mostly lower on Tuesday, with Middle East tensions driving up oil prices and adding to inflation concerns. The MSCI Asia-Pacific Index of regional equities fell 0.2%, while Japanese and Australian benchmarks declined. The South Korean Kospi rose. US financial markets were closed for a public holiday, causing fluctuating stock futures for the Nasdaq 100 index.
S&P 500 futures fell 0.1% by 9:04 am Tokyo time. Hang Seng futures dropped 0.3%, Japan's Topix retreated 1.1%, and Australia's S&P/ASX 200 declined 0.2%. The yen advanced to its strongest level since February, reaching 153.73 per US dollar. Copper surged to an all-time high. Investors are cautious about potential tighter monetary policy and the upcoming US inflation report.
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