Asia Mixed on Bank Turmoil

Stocks in the Asia-Pacific traded mixed on Tuesday after Wall Street saw eased investor fears of contagion from the recent banking turmoil after First Citizens BancShares agreed to buy large parts of Silicon Valley Bank.

In Japan, the Nikkei 225 gained 41.38 points, or 0.2%, to 27,518.25.

In Hong Kong, the Hang Seng Index spiked 216.96 points, or 1.1%, to 19,784.65.

Korean markets moved higher as investors further digested economic data from the region.

Banks in Australia largely traded higher, and retail sales in February rose 6.4% compared to a year ago.


In China, the CSI 300 dropped 12.97 points, or 0.3%, to 3,999.51.

Chinese companies are getting scrutiny in the U.S. due to their links to the Chinese government, reports out this morning are saying.

Short-video app TikTok faces a potential ban in the U.S. due to concerns over sharing American user data with its Chinese parent ByteDance.

Its CEO told U.S. lawmakers on Thursday that ByteDance’s China-based employees may still have access to some of TikTok’s U.S. data.

In other markets

In Singapore, the Straits Times advanced 16.51 points, or 0.5%, to 3,256.54.

In Taiwan, the Taiex stumbled 128.83 points, or 0.8%, to 15,701.48.

In Korea, the Kospi restocked 25.72 points, or 1.1%, to 2,434.94.

In New Zealand, the NZX 50 jumped 158.42 points, or 1.4%, to 11,771.27.

In Australia, the ASX 200 grabbed 72.11 points, or 1%, to 7,034.09.