Investing.com – Most Asian shares fell on Tuesday, cooling off recent gains as investors awaited fresh signals on interest rates this week, while Indian shares hovered near record highs on bets the BJP will win a third straight term in office. general elections in 2024. .
Regional stocks took middling cues after a mixed close on Wall Street. While technology stocks rose following gains in NVIDIA Corporation (NASDAQ:), broader markets were soft amid signs of softening economic activity.
U.S. stock futures were flat in Asian trading, with focus on upcoming labor data for more information on interest rates.
There will be a series of central bank meetings in the coming days. Banks and the bank are set to cut rates this week, while the bank is set to keep rates steady next week.
Nifty 50 futures unchanged in India as election results await
fell slightly on Tuesday as vote counting began for the 2024 general election.
Exit polls over the weekend showed a landslide victory for the BJP-led NDA alliance. This marked an unprecedented third consecutive term for Prime Minister Narendra Modi.
Indian stock indices rose to record highs on Monday after exit polls, rising well above 23,000 points, while the index topped 76,000 points.
Investors have generally welcomed the BJP’s pro-business policies over the past decade, which has also seen India’s economy grow sharply in recent years. This, in turn, led to a series of all-time highs in the Nifty index as optimism about the Indian economy also attracted many foreign investors.
Broader Asian markets falter ahead of new rate signals
Asian markets moved broadly from flat to low as anticipation of US labor market data and a series of key central bank meetings kept sentiment in check.
Japan’s index fell 0.5%, while the overall index lost 0.4%.
Australian shares fell 0.1% after a series of weak economic data. The survey showed Australian companies performed worse than expected in the first quarter, while the country faced a deficit this quarter.
GDP also contracted 0.9% in the quarter, representing a weak forecast for Wednesday’s release.
The Chinese index rose 0.3% and fell 0.1% after mixed signals from key Purchasing Managers’ Index data over the past two sessions.
Technology-heavy indices also retreated from strong gains in the previous session. South Korea’s index fell 0.4%, while Hong Kong’s index stood still.