Asia-Pacific markets traded mixed Tuesday as investors awaited the outcome of the ongoing U.S.-China trade talks.
In Japan, the Nikkei 225 tumbled 323.72 points, or 0.8%, to 40,674.55.
In Hong Kong, the Hang Seng let go of 37.68 points, or 0.2%, to 25,524.45.
Investors are also looking ahead to the result of the U.S. Federal Reserve meeting due Wednesday stateside, where it will make a decision on whether to cut interest rates.
Singapore Airlines’ shares plunged a day after the carrier reported a 59% drop in its first-quarter earnings.
SIA shares fell more than 8% Tuesday to log their largest intra-day decline in nearly a year, data from LSEG showed. It was last down 7.11%.
Net profit fell to 186 million Singapore dollars ($144 million U.S.) for the quarter ended June 30, according to the company’s earnings report. SIA attributed the drop to reduced interest income and losses from its associates.
CHINA
In Shanghai, the CSI 300 gained 16.2 points, or 0.4%, to 4,152.02.
Shares of babycare and baby product companies rose Tuesday after China launched a childcare subsidy program in its bid to tackle worsening fertility rates.
China will offer an annual childcare allowance of 3,600 yuan ($501 U.S.) for each child born on or after Jan. 1, 2025, until the age of three, the government reported on Monday after trading hours.
Shares of Beingmate, baby food and formula maker, rose over 9%, while Hong Kong-listed shares of China Feihe, which produces infant formula, rose as much as 8.3%, before paring gains.
In other markets
In Korea, the Kospi index added 21.05 points, or 0.7%, to 3,230.57.
In Singapore, the Straits Times index dropped 11.73 points, or 0.3%, to 4,229.41.
In Taiwan, the Taiex index plummeted 211.46 points, or 0.9%, to 23,201.52.
In New Zealand, the NZX 50 gained 25.67 points, or 0.2%, to 12,936.41.
In Australia, the ASX 200 eked up 6.91 points, or 0.1%, to 8,704.61.
