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Stocks mixed after steep falls in previous session

Pedestrians cross a road past an electronic quotation board displaying company stock price numbers on the Tokyo Stock Exchange in Tokyo on May 13, 2021.

KAZUHIRO NOGI | AFP via Getty Images

Asia-Pacific stocks were mixed on Tuesday after falling sharply earlier in the week following Fed Chairman Jerome Powell’s hawkish speech in Jackson Hole.

Japan’s Nikkei 225 rose 0.87% and the Topix index gained 1%.

The Kospi in South Korea added 0.3% and the Kosdaq rose 0.85%. In Australia, the S&P/ASX 200 was up 0.45%.

Hong Kong’s Hang Seng Index was down 1.52%, with the Hang Seng Tech Index trading down 2.3%, while mainland China markets were mixed. The Shanghai Composite was slightly higher and the Shenzhen Component fell 0.246% on the open.

MSCI’s broadest Asia Pacific ex-Japan equity index was down 0.37%.

Overnight in the US, the S&P 500 lost 0.67% to 4,030.61 and the Nasdaq Composite lost 1.02% to 12,017.67.

The Dow Industrial Average fell 184.41 points, or 0.57%, to 32,098.99. The Dow fell over 300 points earlier in the session and rose briefly at one point. U.S. futures edged higher after a second straight decline in major averages.

“It looks like investors are still digesting the consequences of the Fed Chairman [Powell’s] hawkish speech where he not only refuted the notion of a dovish pivot, but underscored the need for rates to rise and remain restrictive in order to keep inflation under control,” National Australia Bank strategist Rodrigo Catril wrote. in a Tuesday note.