Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Asia report: Hong Kong leads region-wide losses
(Sharecast News) - Asia-Pacific markets saw broad declines on Tuesday, led by significant losses in Hong Kong amid sharp falls in basic materials and industrial stocks. The losses for the region came despite a tech rally on Wall Street overnight that pushed the Nasdaq to fresh record highs.
"Asian stocks paused on Tuesday after a seven-day winning streak," said TickMill market analyst Patrick Munnelly, adding that profit-taking by investors led to a decline in Chinese stocks.
"Hong Kong's equity market also experienced a downturn, with Li Auto leading the losses in the MSCI Asia Pacific index due to lower-than-expected first-quarter vehicle sales.
"Japanese stocks remained steady thanks to positive insurance company earnings."
Munnelly said the economic challenges in China remained a "major concern" in Asia, with recent data showing no signs of recovery in the country's debt-ridden real estate market.
"Land sales last month generated the lowest revenue for local governments in eight years, highlighting the financial struggles faced by agencies heavily reliant on this type of income."
Markets in the red across the region
In Japan, the Nikkei 225 slipped 0.31% to 38,946.93, and the Topix fell 0.3% to 2,759.72.
Notable decliners on Tokyo's benchmark included Sumitomo Dainippon Pharma, which plunged 8.85%, Sompo Holdings, down 6.07%, and Daikin Industries, which decreased by 4.68%.
Chinese markets also faced losses, with the Shanghai Composite down 0.42% to 3,157.97 and the Shenzhen Component falling 0.71% to 9,681.66.
Major laggards in Shanghai were Anhui Andeli Department Store, which dropped 9.99%, and Beijing Airport High-Tech Park, down 6.18%.
Hong Kong's Hang Seng Index dropped 2.12% to 19,220.62, impacted by Li Auto, whose shares plummeted 19.27% after reporting disappointing first-quarter results.
The electric vehicle maker's revenue fell 38.6% from the previous quarter to CNY 25.6bn (£2.81bn), missing analysts' expectations of CNY 26.73bn.
Vehicle deliveries also fell sharply to 80,400 from 131,805 in the last quarter of 2023.
South Korea's Kospi declined 0.65% to 2,724.18, with EcoPro Materials dropping 12.52% and Hanwha Solutions down 11.79%.
In Australia, the S&P/ASX 200 edged down 0.15% to 7,851.70, pressured by a 14.79% decline in James Hardie Industries and a 6.01% drop in Sonic Healthcare.
New Zealand's S&P/NZX 50 decreased by 0.51% to 11,675.99, with Pacific Edge falling 6.86% and Stride Property dropping 5.43%.
In currency markets, the dollar was last down 0.06% on the yen to trade at JPY 156.17, while it lost 0.03% against the Aussie to AUD 1.4993.
The greenback meanwhile strengthened 0.05% on the Kiwi to change hands at NZD 1.6388.
Oil prices also declined, with Brent crude futures last down 0.48% on ICE at $83.31 per barrel, and the NYMEX quote for West Texas Intermediate falling 0.86% to $79.11.
RBA considered rate hike in May, youth unemployment falls in Chinese cities
In economic news, the Reserve Bank of Australia (RBA) considered a rate hike in its May meeting but ultimately decided to keep the cash rate unchanged at 4.35%, according to the meeting minutes released earlier in the day.
The minutes revealed that board members were concerned about persistent inflation, which had not declined as much as anticipated.
It noted that both domestic and international economic growth and inflation had been stronger than expected.
The data since the April meeting suggested an increased risk of inflation remaining above target for an extended period.
In China, the urban unemployment rate for those aged 16 to 24 decreased to 14.7% in April, down from 15.3% in March, according to the country's statistics bureau.
That figure, which excludes students, reflected a revised definition implemented since December.
The adjustment followed the government's decision to stop reporting youth unemployment data in June when it surpassed a record high of 21%.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.