Hong Kong stocks took the lead in Asia-Pacific markets on Tuesday, propelled by a surge in Xiaomi shares, while investors digested economic data from South Korea and Australia.
Xiaomi shares soared by as much as 16% following the consumer electronics company’s launch of its electric vehicle, with orders opening on Thursday.
In South Korea, the March inflation rate remained stable at 3.1%, aligning with expectations set by economists surveyed by Reuters.
Meanwhile, Australia witnessed a contraction in factory activity, marking its sharpest decline since May 2020. The purchasing managers’ index dipped to 47.3 in March from 47.8 in February.
On the positive side, a private survey revealed that India’s manufacturing sector experienced its most rapid growth in 16 years.
In contrast, China’s CSI 300 index dipped by 0.42%, ending a three-day winning streak.
In Australia, the S&P/ASX 200 slipped by 0.14% to 7,886, retreating from recent all-time highs.
In the U.S. market overnight, the benchmark 10-year Treasury yield surged by 13 basis points to 4.319%. The Dow Jones Industrial Average lost 0.6%, the S&P 500 dipped by 0.2%, and the Nasdaq Composite added 0.11%.
According to a private survey, India’s manufacturing sector witnessed its fastest expansion since 2008 in March.
The HSBC India Manufacturing Purchasing Managers’ Index rose to 59.1 in March from 56.9 in February, driven by higher new orders, output, input stocks, and job creation.
