China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes gained slightly, Hang Seng index declined 0.7%, the Nikkei 225 gained 0.4%, the TOPIX soared 1%, ASX 200 tumbled 0.4% and KOSPI skidded 0.8%
Most Asian stocks moved in a flat-to-low range on Tuesday as Chinese markets struggled after recent fiscal measures from Beijing underwhelmed, with focus turning to an upcoming U.S. inflation figure this week.
Risk appetite was seen mostly cooling after global stock markets logged strong gains in the immediate aftermath of a Donald Trump victory in the 2024 presidential election.
Regional markets took cues from a mildly positive overnight close on Wall Street, with U.S. stock benchmarks gaining slightly to record highs. U.S. stock index futures were flat in Asian trade, as investors speculated over just what a Trump victory will entail for economic policy.
Focus this week is also on key U.S. CPI data, for more cues on interest rates. A number of Fed officials are also set to speak in the coming days.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes gained slightly on Tuesday, while Hang Seng index declined 0.7%, extending steep losses from the previous session.
Chinese markets struggled for direction as investors were little impressed by Beijing announcing a 10 trillion yuan ($1.6 trillion) in debt measures to support local governments.
But the measure was expected to offer little direct support to the economy. Investors were also disappointed by a lack of fiscal measures targeted at shoring up personal consumption and supporting the property market.
Media reports on Tuesday said China planned to cut homebuying taxes to support the property market, although stocks seemed to have taken little support from the report.
Japanese markets were an exception among their regional peers, with the Nikkei 225 gaining 0.4%, while the TOPIX soared 1%.
Japanese markets were buoyed chiefly by a swathe of strong earnings, with Sony Corp clocking an over 70% rise in its quarterly profit. But the media giant presented a weak outlook on dwindling hardware sales.
SoftBank Group Corp. gained 0.4% ahead of its quarterly earnings later in the day, with the technology investment house expected to log weaker earnings on a decline in tech valuations through the month.
Japanese markets were also buoyed by a weak yen, which remained near three-month lows.
Wider Asian markets were mostly negative. ASX 200 tumbled 0.4% even as data showed consumer sentiment improved further in November.
KOSPI skidded 0.8%, hit by persistent weakness in tech stocks.
