Japan Snaps 7-Day Win Streak

Asia-Pacific markets mostly slid on Tuesday as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.

In Japan, the Nikkei 225 dropped 129.05 points, or 0.4%, to 30,957.77, snapping its seven-day winning streak.

A private survey released Tuesday showed Japan’s factory activity expanded in May for the first time since October 2022, while Singapore’s April inflation hit a higher-than-expected 5.7%.

In Hong Kong, the Hang Seng let go of 246.92 points, or 1.3%, to 19,431.25, its lowest closing levels since March 21, while mainland Chinese markets also traded lower.

Australian markets lost a minimum of ground, as the country’s composite purchasing managers index saw a softer expansion in May, according to Juno Bank.

McCarthy said he had a “productive” and “professional” meeting with the president, and said “I think the tone tonight was better than any other night we’ve had discussions,” McCarthy said outside the West Wing following the hour-long meeting.

In other markets

In China, the CSI 300 index dropped 56.14 points, or 1.4%, to 3,913.19.

In Singapore, the Straits Times index nicked ahead 6.99 points, or 0.2%, to 3,218.08.

In Korea, the Kospi gathered 10.47 points, or 0.4%, to 2,567.55.

In Taiwan, the Taiex index advanced 7.14 points to 16,188.03.

In New Zealand, the NZX 50 erased 48.8 points, or 0.4%, to 11,944.20.

In Australia, the ASX 200 stepped back 3.37 points, or 0.1%, to 7,259.89.