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Asia Mixed After U.S. Tech Rally

Asia-Pacific markets mostly fell Tuesday, after Wall Street saw a tech rally led by Tesla and Qualcomm.

In Japan, the Nikkei 225 index rocketed 308.61 points, or 1%, higher, to 32,776.37.

In Hong Kong, the Hang Seng index dropped 70.56 points, or 0.4%, to 18,025.89, as shares of real estate developer Country Garden Holdings climbed as much as 8.7%. This comes after creditors voted to extend repayments on six onshore bonds late Monday.

Mainland Chinese stocks were subdued, with the CSI 300

Tesla shares jumped 10% after Morgan Stanley upgraded the stock and predicted a significant rally ahead because of breakthroughs with its autonomous software. Qualcomm shares rose nearly 4% after the semiconductor company said it will supply Apple with 5G modems for smartphones through 2026.

Investor sentiment was also helped by a report in The Wall Street Journal on Sunday saying there was consensus among the Federal Reserve not to raise rates at next week’s meeting.

Shares of chip manufacturer Taiwan Semiconductor Manufacturing Corp climbed 1.6% after Apple and Qualcomm signed a deal that will see Qualcomm supply 5G chips to the iPhone maker until at least 2026.

Wall Street analysts and Qualcomm officials had previously said they expected Apple to use an internally developed 5G modem starting in 2024.

TSMC is reported to be one of the manufacturers for Qualcomm’s chips, as well as the manufacturer of Apple’s chips that power its devices.

Shares of Foxconn, which manufactures Apple products and trades as Hon Hai Precision Industry, saw a larger gain of as much as 2.38%.

Australian markets were positive, extending gains from Monday as the country’s business confidence survey for August strengthened to +2, up from +1 in July.

In other markets

The CSI 300 lost 6.94 points, or 0.2%, to 3,760.60.

In Taiwan, the Taiex index retreated 43.12 points, or 0.3%, to 16,576.02.

In Singapore, the Straits Times lost 3.82 points, or 0.1%, to 3,214.46.

In Korea, the Kospi index slipped 20.3 points, or 0.8%, to 2,536.58.

In New Zealand, the NZX 50 handed back 3.71 points to 11,298.70.

In Australia, the ASX 200 gained 14.54 points, or 0.2%, to 7,206.85.