Asia-Pacific Markets Mixed

Shares in the Asia-Pacific were mixed on Tuesday after Wall Street sold off overnight on fears that the U.S. Federal Reserve will keep increasing interest rates.

In Japan, the Nikkei 225 gained 65.47 points, or 0.2%, to 27,885.87.

In Hong Kong, the Hang Seng lost 77.11 points, or 0.4%, to 19,441.18, despite Beijing easing some COVID test requirements for the city.

Apple supplier Foxconn, also known as Hon Hai Precision Industry, reported its monthly revenue for November fell over 11% compared to the same period last year.

Revenue for the month totaled 551.1 billion new Taiwan dollars ($18 billion U.S.), and was down more than 29% versus October.

The Taiwanese firm said the fall was due to “production gradually entering off-peak seasonality and a portion of shipments being impacted by the epidemic in Zhengzhou,” where the company runs the world’s largest iPhone assembly plant.

Australian markets dipped after the Reserve Bank of Australia raised rates by 25 basis points.

CHINA

In Shanghai, the CSI 300 added 21.32 points, or 0.5%, to 3,968.20.

Beijing city announced negative COVID tests will no longer be required to enter most public areas, malls or residential areas, while bars and so-called KTV lounges, or karaoke bars.

Separately, Reuters reported on Monday that China could announce a further relaxation of COVID curbs as early as Wednesday, citing two sources with knowledge of the matter.

The report said there would be 10 new measures in addition to the 20 that were put out in November.

Several cities in China relaxed COVID testing rules in recent days.

In other markets

In Taiwan, the Taiex tumbled 251.86 points, or 1.7%, to 14,728.88

In Korea, the Kospi index ditched 26.16 points, or 1.1%, to 2,393.16.

In Singapore, the Straits Times Index sank 15.17 points, or 0.5%, to 3,252.37.

In Australia, the ASX 200 slid 34.34 points, or 0.5%, to 7,291.27.

In New Zealand, the NZX 50 backtracked 46.15 points, or 0.4%, to 11,631.60.