Asian markets close Tuesday mixed as global risk appetite rises

Hong Kong stock exchange up 1.38%, while Indian Sensex benchmark plummets 0.64%

Asian stock markets closed Tuesday mixed as global risk appetites increased.

Last week, the Federal Reserve released the minutes from its May 3-4 meeting and expressed its determination to keep raising interest rates until evidence emerged that inflation is falling.

The Chinese government announced that the restrictions in Shanghai will be lifted as of Wednesday. It also announced a number of new policy measures to support the economy and stabilize employment, including accelerating the issuance of private bonds and cash support for firms hiring university graduates.

Despite China’s Purchasing Managers Index (PMI) for manufacturing increased to 49.6 and the service sector PMI to 47.8 in May, the contraction in both sectors continued.

In Japan, the unemployment rate fell to 2.5% in April, while industrial production fell 3.3% on an annual basis, above the expectations.

Japan’s parliament on Tuesday enacted a 2.7 trillion yen ($21 billion) extra budget for the 2022 fiscal year to fight the rising fuel and food prices amid Russia’s war on Ukraine.

With these developments, the Asia Dow, which includes blue-chip companies in the region slightly rose, 0.17%, to 3,458.

Tokyo’s Nikkei 225 stock exchange lost 89.63 points, or 0.33%, to 27,279 at the day’s close.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, went up 291.27 points or 1.38%, to 21,415.

China’s Shanghai stock exchange also rose 37.37 points,or 1.19%, to 3,186.

The Indian Sensex benchmark dropped 359.33 points, or 0.64%, to close at 55,566, while the Singapore index was down 6.43 points, or 0.20%, to 3,232.


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