Asian shares are mixed after Nvidia nudges Nasdaq to a record, while other US stocks slump

BANGKOK: Shares in Asia traded mixed on Wednesday after an inflation update pulled most US stocks lower, though gains for Nvidia pushed the Nasdaq to another record.

Tokyo’s Nikkei 225 gained 0.6% to 39,895.84 as the US dollar rose against the Japanese yen, trading near 149 yen. Investors are focused on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats.

Worries over a deterioration in Japan’s fiscal health have pushed yields on long-term Japanese government bonds to their highest levels in years.

“What’s at stake isn’t simply which party hands out the biggest bundle of goodies. It’s whether the walls holding up Japan’s house of debt can withstand another round of fiscal fireworks…” Stephen Innes of SPI Asset Management said in a commentary.

Elsewhere in Asia, Hong Kong’s Hang Seng added 0.3% to 24,658.55 while the Shanghai Composite Index slipped 0.1% to 3,500.62.

South Korea’s Kospi lost 0.7% to 3,192.97 and in Australia the S&P/ASX 200 declined 0.8% to 8,558.10.

By RSS/AP