Hong Kong: Asian stocks were mixed on Tuesday in a busy week with several top-tier reports on US inflation due along with a policy meeting of the Federal Reserve.

US futures and oil prices fell. In Tokyo, the Nikkei-225 index was up 0.1 per cent at 39,092.32 as investors awaited the outcome of a meeting by the Bank of Japan. The central bank raised its benchmark interest rate in March to a range of 0 to 0.1 per cent from minus 0.1 per cent, in its first such increase in 17 years. Analysts said markets were leaning toward two rate hikes by the end of this year, with broad expectations of further rate increases as soon as July. Hong Kong’s Hang Seng sank 1.1 per cent to 18,165.21, and the Shanghai Composite lost 0.9 per cent to 3,023.46 after reopening from a public holiday. Markets remained cautious ahead of a report on inflation in China due out Wednesday.

Australia’s S&P/ASX 200 slipped 1.4 per cent to 7,748.30. South Korea’s Kospi was 0.3 per cent higher to 2,709.87. On Monday, the S&P 500 rose 0.3 per cent to 5,360.79, topping its all-time high set last week. The Nasdaq composite also set a record after rising 0.3 per cent to 17,192.53, while the Dow Jones Industrial Average gained 0.2 per cent to 38,868.04.

Data on the economy have come in mixed recently, and traders are hoping for a slowdown that stops short of a recession and is just right in magnitude. A cooldown would put less upward pressure on inflation, which could encourage the Federal Reserve to cut its main interest rate from its most punishing level in more than two decades.