Asian shares buck Wall Street as China rally eases
Asian share markets failed to track Wall Street’s rally, recording a series of declines on Tuesday. This followed after China’s post-holiday rally eased, but the technology sector’s upbeat performance and renewed hopes for U.S stimulus are expected to maintain investors’ sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.09% drop. China had seen a dampened session as the Shanghai Composite index shed 0.5%. This came after the country returned from an eight-day public holiday last week. China’s blue-chip index fell 0.3%.
A typhoon warning in Hong Kong restricted the Hang Seng index’s early session from pushing through. Meanwhile, Japan’s benchmark index Nikkei was seen 0.2% lower.
While there was a high level of volatility across the region on Tuesday, Surich Asset Management founder Simon Yuen believed that Asian shares would hold on tighter grounds following the U.S. presidential poll on Nov. 3.