Asia-Pacific markets mostly lower after a positive start to the week

Japan +0.57%.

China -0.61%.

Hong Kong -1.32%.

Australia -0.69%. Australia weekly consumer confidence survey shows a tiny rise.

The Reserve Bank of Australia released its meeting minutes on Tuesday, which showed that the board saw current rates as being “well below” the neutral rate, suggesting that further increases will be needed to return inflation to the target over time.

The RBA raised rates by 50 basis points earlier this month. “The level of interest rates was still very low for an economy with a tight labour market and facing a period of higher inflation,” the minutes said.

India +0.12%.

Overnight on Wall Street Major U.S. stock indexes pulled back and closed lower after rallying earlier in the session. The Dow Jones Industrial Average dropped 215.65 points or 0.69% to 31,072.61. The S&P 500 shed 0.84% to 3,830.85. The Nasdaq Composite lost 0.81% to 11,360.05.

Oil prices ran out of steam on Tuesday after gaining more than $5 a barrel in the previous session with concerns that surging crude will feed into a demand-killing recession slightly outpacing continued worries about tight supply.

U.S. West Texas Intermediate crude futures were 0.19% lower at $102.41 per barrel while international benchmark Brent crude was down 0.39% at $105.86 per barrel.

Spot gold remained soft at $1,706 an ounce.

U.S. futures higher. Dow Jones +0.09%; S&P 500 +0.19%; Nasdaq +0.18%.

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