By Dow Jones Newswire
Asian stock markets largely gained Tuesday, as investors generally shrugged off the latest round of U.S. tariffs on $200 billion of Chinese goods set to go into effect next week.
Chinese stocks gained after a rough stretch, showing scant initial reaction to the U.S. confirming that another round of import tariffs are on the way. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.55% , after notching a nearly four-year closing low Monday, bounced back to gain 1.8%. The smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.91% rose nearly 1.7%.
Hong Kong stocks recovered Tuesday, having dropped in 10 of 14 trading days, with the Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +2.28% up nearly 0.6%. There were trouble spots, however. Tencent /zigman2/quotes/204605823/delayed HK:700 +3.50% slipped 0.4%, while Macau casino stocks wavered as the enclave gets up and running after Sunday’s typhoon prompted a day-long closure of the facilities. Nomura is predicting that the storm will cut this month’s gross-gaming revenue growth by some 5 percentage points. The investment bank had been predicting mid-teens growth in September for the metric before typhoon Mangkhut’s arrival.
After a holiday Monday, trading resumed in Japan with the Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.52% jumping 1.4% to hit fresh 7½-month highs. Big insurers contributed, including a more than 4% gain for Dai-ichi Life /zigman2/quotes/208507587/delayed JP:8750 +1.51% and a 4.8% gain for T&D /zigman2/quotes/208425761/delayed JP:8795 +1.10% as 10-year Treasury yields returned to 3%. Meanwhile, 10-year JGB yields /zigman2/quotes/211347248/realtime BX:TMBMKJP-10Y 0.00% were up a half basis point at nearly 0.12%.
Tech names were weaker initially following the slide in the Nasdaq on Monday but some recovered, with TDK /zigman2/quotes/208948266/delayed JP:6762 -1.45% ending up 1.1%. Tokyo Electron /zigman2/quotes/202883609/delayed JP:8035 -0.44% initially fell about 2% before recovering somewhat to close down 0.3%. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0182% continued to rebound, climbing to ¥111.80, also providing a boost to a number of Japanese export stocks.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.27% was up 0.3%, as the leaders of North and South Korea kicked off a three-day summit. Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.15% rose nearly 0.8%. Taiwan’s Taiex fell 0.6% as tech names such as Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.95% and Largan Precision /zigman2/quotes/210444196/delayed TW:3008 +1.45% tumbled.
Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.05% dipped 0.3% as the energy sector continued its decline. Mining giant BHP Billiton /zigman2/quotes/201448516/delayed AU:BHP +0.54% was down 0.4% as it announced it was dropping “Billiton” from its name. New Zealand’s benchmark /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.48% rose slightly.