Asia Mostly Up After U.S. Selloff

Mainland China markets popped on Tuesday afternoon while shares in the Asia-Pacific were mostly higher after seeing sharp falls on Monday.

The Nikkei 225 recovered 140.32 points, or 0.5%, to 26,571.87.

In Hong Kong, the Hang Seng index inched forward 5.17 points to 17,860.31.

Singapore’s strong economic fundamentals and its central bank’s efforts to fight inflation have made the Singapore dollar something of a “safe haven” in the region.

The Singapore dollar has fallen more than 6% against the buoyant U.S. dollar since the start of the year, but other currencies in Asia have weakened even more.

The British pound briefly fell 4% to an all-time low of $1.0382 on Monday. Both the Chinese yuan and Japanese yen also fell heavily on Monday as the two economies maintain more accommodative monetary policies than the U.S.

CHINA

In Shanghai, the CSI 300 regained 55.61 points, or 1.5%, to 3,892.29.

Data from Refinitiv Eikon showed healthcare, education and consumer non-cyclical stocks were rising.

Liquor-maker Kweichow Moutai added 1.3%,

In other markets

In Singapore, the Straits Times Index dropped 16.47 points, or 0.5%, to 3,165.50.

In Korea, the Kospi index eked up 2.92 points, or 0.1%, to 2,223.86.

In Taiwan, the Taiex moved up 48.4 points, or 0.4%, to 13,826.59

In Australia, the ASX 200 moved forward 26.75 points, or 0.4%, to 6,496.16.

In New Zealand, the NZX 50 thundered lower 220.32 points, or 1.9%, to 11,214.50.