Japanese shares snap seven-day winning streak as HK sinks to two-month low

People are reflected in an electronic quote board displaying the 225-issue Nikkei Stock Average (top) as they cross a street in Tokyo on May 17, 2023. (Photo by Kazuhiro NOGI/AFP) (Photo by KASUHIRO NOGI/AFP via Getty Images)

Kazuhiro Nogi | Afp | Getty Images

Asia-Pacific markets mostly tumbled on Tuesday as talks between US President Joe Biden and House Speaker Kevin McCarthy ended without a deal.

House Speaker Kevin McCarthy said he had a “productive”[ads1]; and “professional” meeting, saying “I think the tone tonight was better than any night we’ve had discussions,” McCarthy said outside the West Wing after the hour-long meeting.

A private survey released on Tuesday showed Japan’s factory activity rose in May for the first time since October 2022, while Singapore’s April inflation hit a higher-than-expected 5.7%.

In Japan is Nikkei 225 closed 0.42% down at 30,957, snapping its seven-day winning streak. The Topix ended 0.66% lower at 2,161.49. Both indices erased earlier gains on the day.

In Australia is S&P/ASX 200 rose 0.1% to end at 7,270.8 as the country’s composite PMI saw a softer expansion in May, according to Juno Bank.

South Korea’s Kospi climbed 0.41% to end at 2,567.55 and the Kosdaq closed Tuesday 0.84% ​​higher at 859.16.

Hong Kong’s Hang Seng index reversed earlier gains and fell 1.27% to 19,428.08, its lowest close since March 21, while mainland Chinese markets also traded lower. The Shanghai Composite closed down 1.52% at 3,246.24 while the Shenzhen Composite finished down 1.03% at 11,012.58.

Overnight in the US, the three major indexes ended the session mixed, with the Nasdaq Composite rising 0.5% to end at its highest near-term and highest intraday levels since August.

Separately, the S&P 500 rose 0.02% on Monday, but the Dow Jones Industrial Average lost 0.42%.

— CNBC’s Samantha Subin and Jesse Pound contributed to this report

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