Asian stocks rose on Tuesday, recovering some recent losses as investors awaited more signals on a potential trade war between China and the West, while also focusing on upcoming inflation data.
Chinese Markets Stabilize Amid Trade Tension Talks
Chinese markets stabilized after three days of significant losses, as Chinese and European ministers began discussions on import tariffs on Chinese electric vehicles. However, sentiment towards China remained cautious.
The Shanghai Shenzhen CSI 300 and Shanghai Composite indexes both rose 0.1%, while Hong Kong’s Hang Seng index surged nearly 1%. These markets had recently experienced steep declines after Chinese officials warned of a potential trade war with the EU over new import duties on Chinese EVs.
Chinese ministers are in talks with German officials about potentially reducing or lifting these tariffs, which are set to be imposed from July. Meanwhile, Canada is also considering restrictions on Chinese EV imports, following the lead of the U.S. and the EU. Such actions could further strain relations between China and the West.
Additionally, sentiment was dampened by reports that the Biden Administration is investigating major Chinese telecom firms over potential security concerns.
Regional Market Movements
Regional markets took mixed cues from Wall Street, which ended lower due to losses in major chipmaking stocks. U.S. futures traded sideways during Asian hours.
Inflation Data in Focus
The main focus this week is on the upcoming PCE price index data, the Federal Reserve’s preferred measure of inflation, which will likely influence the outlook for U.S. interest rates. Anticipation of this data kept broader Asian markets subdued, with weakness in technology shares also limiting gains.
Japan and Other Asian Markets
Japan’s Nikkei 225 index rose 0.5%, although losses in heavyweight tech stocks kept the index largely range-bound. The broader TOPIX index surged 1.4%, boosted by a rebound in economically sensitive stocks.
Attention in Japan is also on the upcoming consumer price index (CPI) inflation data from Tokyo, due this Friday. This follows the Bank of Japan’s recent meeting minutes, which indicated some members are considering an interest rate hike in July. Additionally, the yen’s weakness, which could prompt government intervention, kept sentiment cautious.
Other Markets
Australia’s ASX 200 rose 0.9%, driven by gains in mining stocks on stronger commodity prices. Focus is also on an upcoming CPI indicator from the country, due on Wednesday. A private survey showed a slight improvement in Australian consumer sentiment in June.
South Korea’s KOSPI added 0.4%, with larger gains limited by losses in technology stocks.
Futures for India’s Nifty 50 index pointed to a flat open, as the index continued to face resistance near recent record highs.
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