Hong Kong stocks rose more than 1% as Asia markets mostly gained on Tuesday as South Korea’s gross domestic product beat estimates.

In Japan, the Nikkei 225 lost 44.04 points, or 0.2%, to 27,655.21.

The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week.

Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices.

The Japanese yen has weakened as the country’s monetary policy diverges from that of the Fed and much of the developed world.

The Japanese yen traded at 136.62 per U.S. dollar, stronger than last week’s levels.

In Hong Kong, the Hang Seng index reversed and gained 342.94 points, or 1.7%, to 20,905.88 with heavyweight Alibaba jumping 4.8% after the company said in a press statement that it will be applying for a primary listing on the Hong Kong Stock Exchange, where its shares are already listed.

If completed, the company will become a dual-primary listed company in Hong Kong and New York. That’s expected to happen before the end of 2022.

South Korea’s economy grew 0.7% in the second quarter compared with the first quarter of 2022, according to estimates released by the Bank of Korea.

That compared to 0.4% growth expected by analysts in a Reuters poll. The country’s GDP grew 0.6% in the January to March quarter.

The Australian dollar was at $0.6965.

The Aussie tracked higher in line with higher commodity prices, but is expected to trade in a tight range ahead of the inflation data report on Wednesday.

In other markets

In Shanghai, the CSI 300 recovered 33.34 points, or 0.8%, to 4,245.98.

In Taiwan, the Taiex dumped 129.55 points, or 0.9%, to 14,806.78.

In Singapore, the Straits Times Index restocked 11.65 points, or 0.4%, to 3,192.12

In Korea, the Kospi advanced 9.27 points, or 0.4%, to 2,412.96

In Australia, the ASX 200 jumped 17.34 points, or 0.3%, to 6,807.27

In New Zealand, the NZX doffed 32.12 points, or 0.3%, to 11,166.56.

Source link