The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, February 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
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Asia-Pacific markets were mixed on Tuesday, with the US market taking a breather after a rally sparked by optimism over the Federal Reserve's interest rate stance at its latest meeting.
Sam Stovall, chief investment strategist at CFRA Research, noted that stocks have become expensive, with the S&P now trading at a 33% premium to the average price-to-earnings ratio over the past 20 years.
“We came off the high after the FOMC meeting,” he told CNBC, referring to the Federal Reserve's Federal Open Market Committee meeting last week. “The market has become more vulnerable to market declines or price declines.”
Investors in Asia are also awaiting economic data from Southeast Asia, including Singapore's manufacturing output and Thailand's trade balance. Japan's services producer price index for February reached 2.1%.
Japan Nikki 225 The index opened flat, while the broader Topix index fell by 0.07%.
South Korea Cosby It added 1.14% to its highest level since February 2022. The smaller Kosdaq rose 0.18%.
in Australia, Standard & Poor's/ASX 200 It fell 0.2%, after approaching an all-time high on Monday.
Hong Kong Hang Seng futures were at 16,497, indicating a slightly stronger open compared to the HSI's close of 16,473.64.
Overnight in the US, all three major indices lost ground, with… Dow Jones Industrial AverageIt decreased by 0.41% and Standard & Poor's 500Declining by 0.31% Nasdaq CompositeDecreased by 0.27%.
– CNBC's Lisa Kailay Han and Pia Singh contributed to this report
