Equity indices in the Asia-Pacific region ended Tuesday’s session mostly higher, with China and South Korea the underperforming exceptions.
China’s challenges had links to property developer Country Garden, which didn’t make a scheduled debt payment and warned of liquidity pressures, fomenting concerns that it may end up announcing a restructuring of its offshore debt, according to Reuters. That news seemingly trumped a Bloomberg report that said China is considering increasing its budget deficit for 2023 as part of a plan to introduce more stimulus.
Japan’s Nikkei looked stimulated on the return from a three-day weekend, rising 2.5% to score its largest jump in nine months.
Japan’s Nikkei: +2.5%
Hong Kong’s Hang Seng: +0.8%
China’s Shanghai Composite: -0.7%
India’s Sensex: +0.9%
South Korea’s Kospi: -0.3%
Australia’s All Ordinaries: +1.0%