Asian stock markets rise

Asia-Pacific stocks were mixed on Tuesday as investors awaited the Reserve Bank of Australia’s interest rate decision as well as a raft of economic data from across the region. Australia’s S&P/ASX 200 fell 0.11 percent. The RBA is expected to raise the overnight cash rate by 25 basis points to 3.6 percent, the highest rate since June 2012. The country ran a narrow trade surplus in January, official data showed. Japan’s Nikkei 225 rose 0.52 percent and the Topix rose 0.43 percent. South Korea’s Kospi rose 0.11 percent while the Kosdaq fell 0.18 percent. Hong Kong’s Hang Seng index was up 0.11 percent in the first hour of trading. In mainland China, the Shanghai Composite was marginally higher, while the Shenzhen Composite was down 0.22 percent. Inflation in the Philippines showed signs of easing, with official data showing the consumer price index for February rising 8.6 percent on an annual basis. China is due to release trade data later in the day. Thailand’s inflation data is also due. Overnight in the U.S., stocks largely held onto gains as the Dow snapped a four-day winning streak. Investors are also awaiting Fed Chair Jerome Powell’s testimony to Congress on Tuesday and Wednesday, which will outline the central bank’s next moves in its rate-hiking campaign.