Stock market today: Hong Kong stocks lead Asia market gains while developer Vanke slumps
Hong Kong stocks are leading gains in Asian markets while investors evaluate economic data from South Korea and Australia
HONG KONG — Hong Kong stocks led gains in Asian markets Tuesday, though China real estate developer Vanke slumped more than 10%, while investors evaluated economic data from South Korea and Australia.
U.S. futures were lower while oil prices rose.
Tokyo’s Nikkei 225 index climbed 0.3% to 39,936.35, recovering from Monday's decline.
The Hang Seng in Hong Kong added 2.7% to 16,981.43, and the Shanghai Composite index was up 0.1% at 3,080.51.
Vanke’s Hong Kong-listed shares slumped 11.4% in early trading Tuesday after the company's report last week of a notable 50.6% decrease in 2023 core profit and no dividend payout. China had made a rare intervention in March to ask banks to provide financing support for Vanke.
In South Korea, the Kospi edged 0.1% higher to 2,750.63 after data showed the country’s consumer prices rose 3.1% in March compared to the same period last year, matching the previous month’s pace.
Australia’s S&P/ASX 200 gained less than 0.1% to 7,900.50, despite its manufacturing sector index contracting to 47.3 in March from 47.8 in February, its fastest pace since May 2020.
On Wall Street, the S&P 500 dipped 0.2% from its all-time high to finish at 5,243.77 on Monday. The Dow Jones Industrial Average dropped 0.6% from its record to 39,566.85. The Nasdaq composite was an outlier and added 0.1% to 16,396.83.
FedEx fell 3.3% after it said it did not extend its contract with the U.S. Postal Service to deliver air cargo domestically, which will end Sept. 29. Donald Trump’s social media company, Trump Media & Technology Group, lost more than a fifth of its value in another frenetic day of
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