Asian stocks mixed after Wall Street gains

HONG KONG (AP) — Asian stock markets were mixed Tuesday after stocks rose on Wall Street and U.S. bond yields rose. Election-related issues have influenced markets worldwide.

U.S. futures fell and oil prices rose. The Japanese yen fell to a 38-year low, hitting 161.67 yen per dollar Tuesday morning.

Tokyo’s benchmark Nikkei 225 index gained 1.1 percent to 40,074.69 as a weaker yen boosted buying in export-oriented stocks.

Australia’s S&P/ASX 200 index fell 0.4 percent to 7,718.20 points. South Korea’s Kospi fell 0.8 percent to 2,781.92 points, despite data from Statistics Korea showing the country’s consumer price inflation slowed to an 11-month low in June.

Hong Kong stocks rose on Monday after a holiday break. The Hang Seng index rose 0.3% to 17,775.84 and the Shanghai Composite index gained 0.1% to 2,995.78.

Elsewhere, Taiwan’s Taiex gained 0.6%, while Bangkok’s SET slipped 0.4%.

On Monday, the S&P 500 index rose 0.3% to 5,475.09 points. The Dow Jones Industrial Average rose 0.1% to 39,169.52 points and the Nasdaq Composite gained 0.8% to 17,879.30 points.

Some of the world’s strongest action took place across the Atlantic, where the CAC 40 index in Paris jumped 2.8% before settling for a gain of 1.1%. The results from France suggested a Far-right political party may fail to secure decisive majority in the country’s legislative elections. This has reinforced hopes of a possible paralysis of the French government, which would prevent the worst-case scenario where a far-right with a clear majority could put pressure policies that would significantly increase the French government’s debt.

It’s a big year for elections around the world, with voters heading to the polls. UK polls later this week and soon elsewhere. In the United States, pollsters are measuring the fallout from last week’s debate between President Joe Biden and former President Donald Trump.

Investors are also monitoring the potential impact of a Supreme Court Decision Former presidents are granted broad immunity from prosecution on Monday, likely extending the deadline in a criminal case against Donald Trump after the November election.

Trump Media & Technology Group, whose stock has been up and down based on Donald Trump’s chances of winning the White House, rose 1 percent to $33.08. Shares of the company behind Trump’s Truth Social platform, however, are still well below the roughly $70 level it reached earlier this year.

Treasury yields jumped, as they did Friday, immediately after the Biden-Trump debate. The increased prospects of a Republican victory in November sent traders back to the moves of 2016, according to Morgan Stanley strategists. In addition to pushing rates higher, traders also invested in stocks of energy and financial companies.

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The yield on the 10-year Treasury note rose to 4.46%, up from 4.39% late Friday and 4.29% late Thursday. That’s a reversal of the broad trend since the spring, when the 10-year Treasury yield topped 4.70% in late April.

Yields have fallen sharply on hopes that inflation will slow enough to convince…