Asia-Pacific markets close mixed after Wall Street benchmarks hit record highs

Asia-Pacific markets ended the day mixed Tuesday.

Hong Kong's Hang Seng Index rose 0.54% to close at 25,130.03, while mainland China's CSI 300 index increased by 0.82% to 4,118.96.

Japan's Nikkei 225 benchmark pared earlier gains and ended the day down 0.11% to close at 39,774.92, while the broader Topix index was flat at 2,836.19.

Meanwhile, South Korea's Kospi index dropped 1.27% to close at 3,169.94, while the small-cap Kosdaq lost 1.06% to 812.97.

Australia's S&P/ASX 200 benchmark ticked up 0.1% to end the day at 8,677.20.

Over in India, the 50-stock benchmark Nifty 50 and BSE Sensex index were flat as of 1.45 p.m. Indian Standard Time (4.15 a.m. ET).

— Amala Balakrishner

Thailand's cabinet has approved Vitai Ratanakorn to be the next governor of the country's central bank, Reuters reported, citing comments from a government spokesperson.

The appointment of Ratnakorn, who is slated to run for a five-year term starting Oct. 1, is subject to royal approval, the report added.

The 54-year-old will succeed Sethaput Suthiwartnarueput, who is unable to continue for a second term since he is of retirement age.

Ratanakorn has been the president and CEO of the Government Savings Bank, Thailand's largest state-owned lender, since 2020.

— Amala Balakrishner

Indian stocks rose in early trade Tuesday.

The 50-stock benchmark Nifty 50 was up nearly 0.1% while the BSE Sensex index added 0.2% as of 9.45 a.m. Indian Standard time (12.15 a.m. ET).

Several key issues pertaining to agriculture and automobiles reportedly remained unresolved in the fifth round of trade negotiations between India and the U.S., CNBC-TV18 reported, citing government sources.

Further rounds of talks are expected in the coming weeks as both countries explore an interim trade deal before Aug. 1, when India faces a 26% tariff rate, the report added.

— Amala Balakrishner

Shares of SoftBank Group surged as much as 5.74% Tuesday, extending its gains for the third straight session.

The Japanese investment firm is reportedly set to build a small data center by the end of the year, alongside  and ChatGPT creator OpenAI, the Wall Street Journal reported, citing sources familiar with the matter.

The data center is likely to be built in Ohio, the report added.

The three companies are leading a $500 billion partnership, dubbed "Stargate" to bolster U.S. artificial intelligence infrastructure.

The companies, however, had not found common ground over crucial terms of the partnership, including where to build the sites, the Wall Street Journal's report said.

— Amala Balakrishner

Singapore's 30-stock benchmark Straits Times Index broke its 11-session winning streak on Tuesday, and traded in negative territory.

The index was down 0.19% at 4,199.11 as of 10:18 a.m. local time (10.18 p.m. ET Monday), with losses led by the financial, utilities and technology sectors.

The worst-performing stocks were Wilmar International, which slipped 0.99%, Frasers Centrepoint Trust, which dropped 0.9% and Keppel, which lost 0.69%.

— Amala Balakrishner

Chinese and Hong Kong stocks started the day higher Tuesday, following a rise in the other key Asia-Pacific markets.

As of 9.37 a.m. local time (9.37 p.m. ET Monday), the Hang Seng Index added 0.28%, while mainland's CSI 300 moved up 0.13%.

— Amala Balakrishner

Japan's  rose in early trade Tuesday, as markets reopened after the ruling party lost its majority in the upper house over the weekend.

The 225-stock share average advanced 1.12% to hit 40,254.18 at 9.17 a.m. local time (8.17 p.m. ET Monday), while the broader Topix index added 0.96% to 2,861.63.

— Amala Balakrishner

South Korea's new finance minister, Koo Yun-cheol, and minister for trade, Yeo Han-koo, are set to hold trade talks with their U.S. counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, this Friday, Reuters reported Tuesday.

The country's foreign and industry ministers will also visit the U.S. for trade discussions as early as this week, Koo told reporters.

This comes as imports from the East Asian country to the U.S. have been slapped with tariffs of 25% starting August 1. This was the same level imposed by U.S. President Donald Trump in April.

— Amala Balakrishner

Good morning from Singapore.

Investors will be keeping a close watch on Japan's equity and bond markets, which will reopen after a national holiday following its election.

The Japanese yen strengthened against the greenback on Monday, after weakening in the weeks leading up to the election.

Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,830 while its counterpart in Osaka last traded at 39,820, against the index's last close of 39,819.11.

Futures for Hong Kong's Hang Seng index stood at 25,049, pointing to a stronger open compared with the HSI's Monday close of 24,994.14.

Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,660, compared with its last close of 8,668.20.

— Amala Balakrishner

U.S. equity futures rose in early Asia hours after the broad-based S&P 500 index and tech-heavy Nasdaq Composite hit fresh record highs overnight.

As of 7:35 a.m. Singapore time (7:35 p.m. ET Monday), S&P 500 futures moved up 0.06%, while Nasdaq 100 futures added 0.03%. Futures for the Dow Jones Industrial Average added 47 points or 0.11%.

— Amala Balakrishner

The stock market may be unusually calm, with the CBOE Volatility Index (VIX) remaining notably muted all month in spite of ongoing risks around trade and inflation, one strategist said. However, that could change quickly in the coming weeks.

"With next week bringing the FOMC meeting, GDP data, a key tariff deadline, and a wave of earnings — in a historically weak window for the markets — even small surprises could trigger sharp reactions," wrote Mark Hackett, chief market strategist at Nationwide. "We're in a window where calm can quickly turn to complacency."

"While a break in either direction is possible, current positioning suggests we'd bet on a rally before a drop," Hackett wrote.

— Sarah Min

The S&P 500 and the Nasdaq Composite finished Monday's session with fresh closing records after both indexes scored new all-time intraday highs.

The broad market S&P 500 gained 0.14% to close at 6,305.60, while the tech-heavy Nasdaq climbed 0.38% to end at 20,974.17. In contrast, the blue-chip Dow Jones Industrial Average declined 19.12 points, or 0.04%, to finish at 44,323.07.

— Sean Conlon