Nikkei Tumbles on Evergrande Developments

Shares in Asia-Pacific were mixed on Tuesday as investors continued monitoring the situation surrounding embattled developer China Evergrande Group.

In Tokyo, the Nikkei 225 returned from a long weekend to lose 660.34 points, or 2.2%, to 29,839.71, as shares of conglomerate Softbank Group plunged 5%

The Japanese yen traded at 109.63 per U.S. dollar, having strengthened yesterday from around 110 against the greenback.

The Hang Seng Index regained 122.4 points, or 0.5%, to 24,221.54.

Shares of China Evergrande Group fell 0.4%, while the Hang Seng Properties index climbed 3%, bouncing back partially from Monday’s losses.

Evergrande’s chairman tried to reassure markets on Tuesday, saying the firm will fulfill its responsibilities to property buyers, investors, partners and financial institutions, Reuters reported Tuesday, citing local media.

Airline stocks in Asia-Pacific rose after the U.S. announced a plan to ease travel restrictions for international visitors who are vaccinated.

Qantas Airways shares in Australia gained 2.2%. In Japan, shares of Japan Airlines jumped 4.5% while ANA Holdings advanced 2.5%. Hong Kong-listed shares of Cathay Pacific jumped 3%.

The Australian dollar changed hands at $0.7277 as it struggles to recover after declining from above $0.73 last week.

In other markets

Markets in mainland China, Korea and Taiwan were shuttered for holiday.

In Singapore, the Straits Times bounced back 21.47 points, or 0.7%, to 3,063.20

In New Zealand, the NZX 50 fell short of breakeven by 1.63 points to 13,176.95

In Australia, the ASX 200 recovered 25.66 points, or 0.4%, at 7,273.83.