Markets in the Asia-Pacific traded mostly higher as the U.S. Federal Reserve signaled further rate hikes ahead.
In Japan, the Nikkei 225 gained 153.06 points, or 0.6%, to 25,973.85,
In Hong Kong, the Hang Seng dropped 60.53 points, or 0.3%, to 20,991.64, as China reportedly signaled more supportive measures for its property sector ahead.
Samsung Electronics may follow its competitors Micron Technology and SK Hynix in cutting production in the later part of 2023, according to one expert.
CHINA
In Shanghai, the CSI 300 added 12.31 points, or 0.3%, to 3,980.89,
Tesla slashed prices for some models in China for the second time in three months, the firm announced in a Weibo post.
The firm said its Model 3 and Model Y vehicles in China are now priced at 229,900 yuan and 259,900 yuan, respectively.
That’s a drop of 6% to 13.5%, a separate calculation by Reuters showed.
More Chinese electronic component manufacturing companies are set to take away market share from Taiwanese counterparts such as Foxconn.
Apple supplier Foxconn is facing rivalry from Luxshare, which was awarded a contract for iPhone production in China, even as Foxconn posted record revenue and its Zhengzhou plant returned to normalcy following Covid restrictions and labor unrest.
In other markets
In Taiwan, the Taiex climbed 72.29 points, or 0.5%, to 14,373.34
In Korea, the Kospi index took on 25.32 points, or 1.1%, to 2,289.97.
In Singapore, the Straits Times Index slumped 15.94 points, or 0.5%, to 3,276.72.
In New Zealand, the NZX 50 dumped 25.32 points, or 0.2%, to 11,625.97.
In Australia, the ASX 200 improved 45.97 points, or 0.7%, to 7,109.59.
