Asia-Pacific markets closed mostly lower Tuesday as investors weighed developments in U.S.-Iran negotiations.
The Nikkei 225 retreated from Monday’s record high, collapsing 619.9 points, or 1%, to 59,917.46.
Japan’s central bank kept its policy rate steady at 0.75% on Tuesday, while revising its inflation estimates upwards as the Iran war raises supply-side risks.
In Hong Kong, the Hang Seng slumped 245.87 points, or 1%, to 25,679.78.
Shares of Chinese optical computing firm Lightelligence surged over 380% on its debut on Tuesday. The company sold 13.8 million shares at HK$183.20 each, raising about HK$2.53 billion ($323 million) in gross proceeds, according to its filing.
Shares of Contemporary Amperex Technology fell 7% after the company kicked off a roughly $5 billion share offering in Hong Kong.
U.S. President Donald Trump and his national security team on Monday discussed Iran’s reported offer to reopen the Strait of Hormuz, contingent on the U.S. lifting its blockade and ending the conflict, according to White House press secretary Karoline Leavitt.
It remains unclear whether Trump, who has said sanctions relief would come only once a deal is “100% complete,” is willing to consider the proposal as a pathway to de-escalation in the two-month-long conflict.
In other markets
The CSI 300 index in Shanghai stepped back 12.74 points, or 0.3%, to 4,758.21.
In Taiwan, the Taiex sank 94.9 or 0.2%, to 39,521.73.
South Korea’s Kospi gained 25.99 points or 0.4%, to 6,641.02
In Singapore, the Straits Times Index subtracted 5.04 points, or 0.1%, to 4,887.69
In New Zealand, the NZX 50 emerged from a long weekend downward 110.54 points, or 0.9%, to 12,764.46.
In Australia, the AZX 200 erased 55.68 points, or 0.6%, to 8,710.67.
