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Asia-Pacific Mixed as Australia Hikes Rates

The Reserve Bank of Australia unexpectedly hiked its cash rate by 25 basis points to 3.85% after holding its benchmark policy rate at steady at 3.6% in their April meeting. The Australian dollar strengthened by 0.6% to 0.6677 against the U.S. dollar after the move.

In Japan, the Nikkei 225 gained 34.77 points, or 0.9%, to close Tuesday at 29,157.95.

In Hong Kong, the Hang Seng returned from a long weekend to collect 39.24 points, or 0.2%, to 19.933.81.

Korean markets took on new ground as the nation’s inflation rate slowed to a 14-month low of 3.7%

In other markets

Markets in mainland China remained shuttered from the May Day holiday.

In Singapore, the Straits Times index obtained 11.48 points, or 0.4%, to 3,281.99.

In Korea, the Kospi picked up 22.86 points, or 0.9%, to 2,524.39.

In Taiwan, the Taiex index jumped 57.3 points, or 0.4%, to 15,636.48.

In New Zealand, the NZX 50 recovered 34.84 points, or 0.3%, to 12,037.81.

In Australia, the ASX 200 dipped 67.16 points, or 0.9%, to 7,267.40.