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Korea Leads Asia Gains, RBA Stands Pat



South Korean stocks led gains in Asia-Pacific markets on Tuesday after Wall Street rose overnight on expectations that the Federal Reserve could cut interest rates soon.

In Japan, the Nikkei 225 index returned from holiday in a big way, leaping 599.03 points, or 1.6%, to 38,835.16.

In Hong Kong, the Hang Seng Index doffed 98.93 points or 0.5%, 18,478.37, to end a 10-day streak of gains.

Markets in Korea surged, powered by heavyweights Samsung Electronics and SK Hynix.

The Reserve Bank of Australia held its benchmark lending rate at 4.35% for the fourth meeting in a row.

CHINA

In Shanghai, the CSI 300 nicked ahead 1.13 points to 3,659.01.

Chinese electric vehicle maker Nio has reportedly struck a deal with rival BYD to source batteries for a new EV brand, according to a Reuters
report

On Monday, Nio announced its new Onvo L60 model which is expected to compete with Tesla’s Model Y.

In other markets

In Singapore, the Straits Times Index eased back 3.15 points, or 0.1%, to 3,300.04.

In Korea, markets returned from a long weekend, with the Kospi index gaining 57.73 points, or 2.2%, to 3,734,36,

In Taiwan, the Taiex index popped 130.22 points, or 0.6%, to 20,653,53.

In New Zealand, the NZX 50 index lost 20 points, or 0.2%, to 11,800.78.

In Australia, the ASX 200 advanced 110.95 points, or 1.4%, to 7,793.32.



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