Asia-Pacific markets mostly climbed higher on Tuesday, despite a sell-off in U.S. Big Tech stocks. Tech giant Nvidia saw a significant drop of 6.68%, contributing to losses in the Nasdaq. This shift in the market led investors to favor sectors such as banking and energy over technology.
In Japan, the Nikkei 225 Index rose by 0.21%, reaching 38,887.75, while the broader Topix index saw a 0.7% increase. South Korea’s Kospi also gained 0.38%, and the small-cap Kosdaq was up by 0.35%. Australia’s S&P/ASX 200 climbed by 0.47% in early morning trade.
Investors in the region are closely monitoring economic indicators, such as South Korea’s consumer sentiment index for June and Japan’s service sector producer prices. Japan’s services producer price index grew by 2.5% year-on-year in May, slightly lower than the previous month. Meanwhile, South Korea saw an increase in consumer confidence, with the index rising to 100.9 in June.
In other news, Hong Kong Hang Seng index futures were trading higher at 18,045, surpassing the previous close of 18,027.71. Additionally, the Biden administration is reportedly investigating three Chinese telecommunications firms over concerns about data security and potential access to American data through their cloud and internet businesses in the U.S.
Overall, the market dynamics in the Asia-Pacific region remain positive, with investors navigating through sector rotations and economic data to make informed decisions in a volatile market environment.
