Asian Markets Open Mixed As Investors Speculate
Chinese President Xi in meeting with top executives
Asia-Pacific markets opened mixed on Tuesday, a day after Chinese President Xi Jinping signaled support for the country's private sector and urged businesses to "show their 'talents.'"
Australia's S&P/ASX 200 fell 0.43%, ahead of the Reserve Bank of Australia's policy decision. Reuters expects a 25 basis point interest rate cut to 4.1%.
The Australian dollar rose 0.05% to 635 against the dollar.
Japan's benchmark Nikkei 225 index started the day up 0.28%, while the broader Topix index rose 0.37%.
South Korea's Kospi was slightly higher, while the small-cap Kosdaq fell 0.18%.
Futures on Hong Kong's Hang Seng index were higher at 22,715, indicating a stronger open compared with the HSI's close of 22,616.23.
The Hang Seng tech index, which tracks the 30 largest technology companies listed in Hong Kong, reversed last week’s gains to fall more than 2% on Monday after Xi’s comments at a rare closed-door symposium.
Singapore is due to hold its first budget under Prime Minister Lawrence Wong later in the day. Analysts expect more support for households and businesses as the city-state prepares for a general election in November.
U.S. markets are closed for a public holiday. U.S. stock futures were higher Monday afternoon, as the major averages came off a winning week.
Futures on the Dow Jones Industrial Average rose 106 points, or 0.2%. Futures on the S&P 500 and Nasdaq 100 rose 0.2% and 0.2%, respectively.
Source: CNBC
