Asian Markets Mixed as Investors Weigh US Sanctions and Key Inflation Data

Asian equity markets were in mixed territory on Tuesday as investors balanced the impact of US sanctions against Iran, Nvidia's upcoming earnings report, and key inflation data. The Japan NIKKEI fell by 494.67 points, or 0.75%, to 65,033.42, while China's Shanghai Composite remained virtually unchanged at 3,882.002. In contrast, Australia's ASX 200 rose 40.00 points, or 0.44%, to 9,143.10.

The global market sentiment was subdued ahead of Nvidia's earnings report and the US personal consumption expenditures (PCE) inflation report. These events are expected to shape tech valuations and Federal Reserve policy expectations. Overnight on Wall Street, the Dow Jones Industrial Average rose by 140.15 points, or 0.26%, to 53,417.16.

Tech shares dragged the market, with the S&P 500 falling 21.51 points, or 0.28%, to 7,652.86, and the NASDAQ declining 200.264 points, or 0.77%, to 25,980.19. Oil prices struggled for traction following the rollout of global US sanctions against Iran, with U.S. West Texas Intermediate (WTI) crude ticking up slightly by 11 cents, or 0.13%, to $85.12 per barrel.