U.S. futures mixed as Wall Street closed for Labor Day holiday
Shares in Asia were mixed Tuesday while U.S. futures were mixed as markets on Wall Street remained closed for the Labor Day holiday. Tokyo’s Nikkei 225 gave up early gains and closed 0.3% lower at 66,170.34 after Japan’s government reported that the economy grew at a slightly faster annual pace in the April-June quarter than it had previously estimated.
The Cabinet Office revised the annualized growth rate to 1.4% from its earlier 1.1% estimate. The change reflects stronger business investment than earlier reported, according to Norihiro Yamaguchi of Oxford Economics, though he noted that overall investment still contracted, at minus 0.9%.
“The boost to consumption from policy measures seen in April-May is already fading, and supply-side driven inflation will accelerate ahead as firms will pass on increased costs, deteriorating consumers’ purchasing power,” Yamaguchi said.