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Hang Seng leads losses in Asia-Pacific markets

Hang Seng

The CSI300 on mainland China shed 0.4% to close at 3,676.16, and pulling back from an eight-month peak

Hong Kong’s Hang Seng index led losses in Asia-Pacific markets on Tuesday, dropping nearly 2% as basic material and industrials stocks declined.

The CSI300 on mainland China shed 0.4% to close at 3,676.16, and pulling back from an eight-month peak.

This comes despite a Wall Street tech rally that saw the Nasdaq touch record high levels overnight.

Nvidia shares added more than 2% on multiple bullish analyst calls that highlighted the firm’s preeminent market position.

A number of Wall Street companies also raised their price target on the company ahead of its earnings report, indicating shares could add as much as 30% from their current levels.

South Korea’s Kospi dropped 0.65% to end at 2,724.18, while the small-cap Kosdaq shed 0.07% to 846.51.

Japan’s stocks reversed earlier gains, with the Nikkei 225 ending down 0.31% at 38,946.93 and the broad-based Topix down 0.3% at 2,759.72. Both indexes snapped a three-day winning streak.

Australia’s S&P/ASX 200 slid 0.15% and closed at 7,851.7 as investors evaluated the minutes of its central bank May meeting, which revealed the Reserve Bank of Australia considered hiking rates due to higher inflation risks.

Overnight in the U.S., the Dow Jones Industrial Average (DJIA) lagged the broader market, as JPMorgan Chase plunged.

Shares of JPMorgan dropped 4.5% as CEO Jamie Dimon hinted during the bank’s annual investment meeting that his retirement may be sooner than previously stated. Dimon also said the bank would not buy back shares at their current levels.

The tech-heavy Nasdaq added 0.65% to end at a record 16,794.87. The 30-stock Dow dropped 0.49%, while the broad market S&P 500 edged up 0.09%.

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