Asia-Pacific markets fell Tuesday in the absence of any major triggers, after two key Wall Street indexes rose overnight on tech optimism.
Markets in Japan returned to trading Tuesday with a thud, the Nikkei 225 losing 914.14 points, or 1.7%, to 51,497.20.
In Hong Kong, the Hang Seng dissolved 205.96 points, or 0.8%, to 25,952.40.
In Korea, the Kospi faltered Tuesday, ending a string of four straight gaining sessions. The index has gained in 12 of the past 15 sessions, hitting multiple fresh highs this month on the back of global AI tailwinds as well as local structural changes that are steadily eroding the long-standing “Korea discount.”
On Tuesday, South Korea also announced that it would triple AI spending in 2026, with President Lee Jae Myung reportedly saying that 10.1 trillion won ($7 billion U.S.) was earmarked for AI transformation, according to South Korean media outlet Yonhap.
The budget, which is triple the 3.3 trillion won allocated for AI this year, will help South Korea become one of the world’s top three AI powers, Lee said.
Australian markets were negative Tuesday, after the Reserve Bank of Australia kept its cash rate unchanged at 3.6%, citing concerns about higher inflation.
In other markets
The CSI 300 in Shanghai shed 34.70 points, or 0.8%, to 4,618.70
In Korea, the Kospi dumped 100.13 points, or 2.4%, to 4,121.74
In Singapore, the Straits Times Index handed over 21.61 points, or 0.5%, to 4,422.72
In Taiwan, the Taiex shot straight down, 218.03 points, or 0.8%, to 28,116.56.
In Australia, the ASX 200 dipped 81.09 points, or 0.9%, to 8,813.71.
In New Zealand, the NZX 50 regained 49.66 points, or 0.4%, to 13,605.96.
