HONG KONG — Global shares were mixed on Tuesday following losses on Wall Street, while U.S. Treasury yields paused their run-up after reaching their highest level in roughly two decades.
U.S. futures edged lower and oil prices stabilized over uncertainties about U.S.-Iran talks and the possible reopening of the Strait of Hormuz, a crucial route for global oil shipments.
In early European trading, Britain’s FTSE 100 rose 0.3% to 10,721.04. France’s CAC 40 gained 0.1% to 8,086.40, while Germany’s DAX added 0.3% to 25,460.81.
In Asia, Japan’s Nikkei 225 lost 0.6% to 65,481.27. South Korea’s Kospi declined 0.3% to 6,870.81 and Hong Kong’s Hang Seng dropped 0.5% to 24,523.57.
Hong Kong-traded shares of Shein fell 10.7%, after the online fashion retailer reported that its adjusted net profit fell 67% in the three months ending June 30 compared with the year-earlier period.
The Shanghai Composite index gained 0.2% to 3,830.45 after the Xinhua News Agency reported late Monday that China's State Council had discussed “improving the effectiveness” of macro policies to help boost its economy.
Australia’s S&P/ASX 200 edged up 0.3% to 8,709.30. Taiwan’s Taiex was 0.8% lower, while India’s Sensex fell 0.5%.
On Monday, the S&P 500 slipped 0.8%, the Dow Jones Industrial Average fell 0.7%, and the Nasdaq composite dropped 0.9%.
Stocks have been pressured by rising U.S. Treasury yields as investors demand higher returns amid growing concerns about inflation and rising government debt.
The yield on the 10-year U.S. Treasury, near its highest since 2007, was at about 5.24% early Tuesday. It reached 5.27% on Monday, up from about 5.17% on Friday.
Central banks have been raising interest rates to help curb inflation. Australia’s central bank lifted its benchmark rate on Tuesday for the fourth time this year, taking it to the highest level in 15 years.
Earlier this month, the U.S. Federal Reserve raised rates for the first time in three years, and the Bank of Japan increased its key rate to the highest level in 31 years.
Oil prices remained elevated as mediators continued to work with the United States and Iran on reaching a deal to end the fighting and open the Strait of Hormuz. U.S. President Donald Trump at the weekend rejected an offer from Tehran to reopen the key waterway.
Brent crude, the international standard, fell 0.3% to $97.55 a barrel after rising earlier. It remained well above its level of roughly $72 a barrel in late February, before the war with Iran.
The U.S. dollar rose to 157.43 Japanese yen from 157.39 yen. The euro was trading at $1.1335, down from $1.1371.
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Associated Press journalist Rod McGuirk contributed to this report.