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Asian markets trade mostly lower in early deals on Tuesday

06 Dec 2022 Evaluate
Most of the Asian markets traded lower in early deals of Tuesday, due to risk aversion in the market amid bets of hawkish monetary policy after the release of better-than-expected US services activity and wage growth data.  Moreover, correction after last day's rally also dimmed the Asian indices. Hang Seng eased in the trade after previous day's 3-month peaks hit, mirroring negative cues from global indices and on woes after Private Sector activity of Hong Kong dipped for the third consecutive month, indicating a economic slowdown. Additionally, reports about the possibility of new tariffs on Chinese steel and aluminum by the US and the EU also saddled investor sentiments. Bucking the trend, Japan’s Nikkei advanced in the session extending previous sessional gains. Household spending in Japan rose the least in five months, while real wages fell to an over seven-year low, indicates that rising inflation outpaced modest growth in nominal wages.

Straight times dipped by 11.84 points or 0.36% to 3,255.70, Hang Seng down by 181.50 points or 0.93% to 19,336.79, Taiwan narrowed by 127.08 points or 0.85% to 14,853.66, Shanghai diminished by 2.54 points or 0.08% to 3,209.27, KOSPI curtailed by 17.36 points or 0.72% to 2,401.96, Jakarta Composite shrunk by 91.78 points or 1.31% to 6,895.55 and FTSE Bursa Malaysia KLCI dimmed by 2.62 points or 0.18% to 1,468.94.

On flip side, Nikkei 225 up by 79.87 points or 0.29% to 27,900.27.

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