Asia-Pacific stocks showed a mixed performance on Tuesday as investors evaluated Chinese President Xi Jinping’s recent comments backing the private sector.
Xi urged businesses to “show their talents,” but markets remained cautious following his closed-door meeting with top executives.
The CSI 300 Index in mainland China edged 0.24% lower at the open, while Hong Kong’s Hang Seng Index gained 0.48%.
However, the Hang Seng Tech Index, which tracks Hong Kong-listed tech giants, fell 0.63%, extending Monday’s 2% slump.
Nikkei rises, Australia slips ahead of RBA decision
Japan’s Nikkei 225 climbed 0.47%, with the broader Topix index up 0.34%.
Meanwhile, Australia’s S&P/ASX 200 fell 0.59% as investors awaited the Reserve Bank of Australia’s (RBA) latest policy decision.
According to Reuters estimates, markets expect a 25-basis-point rate cut to 4.1%.
The Australian dollar strengthened 0.17% to 0.6343 against the U.S. dollar.
South Korea and Singapore in focus
South Korea’s Kospi remained flat, while the small-cap Kosdaq dipped 0.17%.
Investors are also watching Singapore’s budget announcement, the first under Prime Minister Lawrence Wong, where analysts anticipate economic support measures ahead of the city-state’s general election in November.
US futures rise after holiday break
With US markets closed for a public holiday, futures started the week positively.
Dow Jones Industrial Average futures rose 106 points (0.2%), while S&P 500 and Nasdaq 100 futures gained 0.2% each.
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