Hong Kong’s Hang Seng index fell by about 2% on Tuesday, driven by declines in basic materials and industrial stocks, leading losses in Asia-Pacific markets.
Mainland China’s CSI300 index dropped 0.4% to close at 3,676.16, retreating from an eight-month high.
This downturn in Asia occurred despite a tech rally on Wall Street, where the Nasdaq hit record highs overnight. Nvidia shares rose over 2% following multiple bullish analyst calls, highlighting the company’s dominant market position. Several Wall Street firms increased their price targets for the AI giant ahead of its earnings report, predicting potential gains of up to 30% from current levels.
In South Korea, the Kospi index fell 0.65% to 2,724.18, while the small-cap Kosdaq lost 0.07% to close at 846.51.
Japan’s stock markets reversed earlier gains, with the Nikkei 225 ending down 0.31% at 38,946.93 and the broader Topix index declining 0.3% to 2,759.72, both snapping a three-day winning streak.
Australia’s S&P/ASX 200 slipped 0.15% to close at 7,851.7. Investors assessed the minutes from the central bank’s May meeting, which revealed the Reserve Bank of Australia considered raising interest rates due to rising inflation risks.
