Markets in the Asia-Pacific traded mixed to commence the first trading week for the year.
In Hong Kong, the Hang Seng leaped 363.88 points, or 1.8%, to 19,593.06.
Markets in Japan were closed for holiday. The Bank of Japan is reportedly considering raising its inflation forecasts in January to inch closer to the central bank’s target of 2% in fiscal 2023 and 2024, Nikkei reported over the weekend.
Shares of mining companies listed in Australia fell in Tuesday’s afternoon trade as prices of metals fell in Shanghai as COVID infections soared in mainland China.
Sandfire Resources inched 0.18% lower while Oz Minerals traded 0.25% higher – Rio Tinto fell more than 1% while Yancoal Australia shed more than 4.6% and Whitehaven fell 5.89%. Fortescue Metals lost 0.73% and South32 traded 0.5% lower.
CHINA
In Shanghai, the CSI 300 recovered 16.27 points, or 0.4%, to 3,887.90.
The Caixin purchasing managers’ index showed further declines in factory activity on surging COVID infections. The survey also showed business confidence around the 12-month outlook for output improved to the highest since February.
Tesla has tapped its China chief, Tom Zhu, to oversee the company’s U.S. assembly plants and its North America sales operations, Reuters reported, citing an internal company post of reporting lines.
The news agency said Tesla’s organizational chart was posted internally and showed that reporting lines for Zhu keep vehicle design and development separate but effectively make him a deputy to CEO Elon Musk, focusing on managing sales and output globally.
In other markets
Markets in New Zealand were shuttered for holiday.
In Taiwan, the Taiex gained 86.43 points, or 0.6%, to 14,224.12
In Korea, the Kospi index dropped 6.99 points, or 0.3%, to 2,218.68.
In Singapore, the Straits Times Index fell 5.52 points, or 0.2%, to 3,245.80.
In Australia, the ASX 200 lost 92.5 points, or 1.3%, to 6,946.15
