Asia markets mixed

Asia-Pacific markets presented mixed performances on Tuesday following dovish remarks from Federal Reserve Chair Jerome Powell, which had lifted Wall Street overnight. Powell indicated the Fed would not wait for inflation to reach 2% before cutting interest rates, citing the policy’s “long and variable lags.”

These comments, coupled with expectations of favorable fiscal policies following Republican candidate Donald Trump’s failed assassination attempt, propelled the Dow Jones Industrial Average to new highs.

Hong Kong’s Hang Seng index dipped 1.43%, led by consumer stocks, while mainland China’s CSI 300 edged up 0.18%. Ping An shares fell nearly 5% after Chinese insurers proposed issuing $3.5 billion in convertible bonds due in 2029.

India’s Nifty 50 reached an all-time high, rising 0.23%, ahead of next week’s union budget presentation for the financial year 2025.

Japan’s Nikkei 225 gained 0.51%, and the Topix rose 0.78% after a public holiday. TDK Corporation, a major Nikkei component, surged over 4%.

South Korea’s Kospi increased 0.28%, while the Kosdaq declined 1.27%.