Asia-Pacific Markets Close Higher
On Tuesday, the Asia-Pacific markets finished on a positive note.
Hong Kong’s Hang Seng Index saw a 1.6% increase, closing at 24,590.12, while mainland China’s CSI 300 remained unchanged, finishing at 4,019.06.
In Japan, the Nikkei 225 rose 0.55%, concluding at 39,678.02, while the broader Topix index stayed flat at 2,825.31.
South Korea’s Kospi index increased by 0.41% to 3,215.28, with the small-cap Kosdaq advancing 1.69% to 812.88.
Australia’s S&P/ASX 200 index rose 0.7%, closing at 8,630.30. In India, the 50-stock benchmark Nifty 50 gained 0.43%, while the Sensex index increased by 0.31% as of 1:55 p.m. IST (4:25 a.m. ET).
— Amala Balakrishner
Chinese Tech Stocks Surge on Nvidia’s Sales Resumption Intent
On Tuesday, tech stocks in Hong Kong increased for the third consecutive session, particularly driven by companies importing Nvidia chips, following the company’s announcement to resume H20 AI chip sales to China.
The Hang Seng Tech index experienced a significant surge of 2.14% in the last 30 minutes of trading. Notable performers included several tech stocks which saw gains of 6.83%, 6.41%, and 5.53% respectively.
Singapore Stocks Hit New All-Time High
The Straits Times Index in Singapore extended its winning streak for the seventh day in a row, hitting a new all-time high of 4,128.18 earlier in the session, with the index up 0.38% at 4,124.71 by 2:51 p.m. local time (2:50 a.m. ET).
Gains were particularly strong in the industrials, consumer non-cyclicals, and utilities sectors, with Jardine Matheson Holdings, SATS, and Seatrium Limited leading the way with increases of 3.65%, 3.53%, and 2.83% respectively.
— Amala Balakrishner
Morgan Stanley Warns of Slowdown in Chinese Economy
According to Morgan Stanley’s Chief Asia Economist Chetan Ahya, China’s property sector poses a significant challenge that is contributing to ongoing deflation problems, with expectations for a further slowdown in GDP growth into the latter half of 2025.
He noted that while the yuan might experience slight appreciation against its regional counterparts, it faces pressure from deflation and higher tariffs, which could adversely affect exporters as demand remains sluggish amidst excess capacity.
— Nicole Teo
