Asian markets were mostly higher on Tuesday, with Chinese mainland markets up more than 2 percent and Japan shares rising after better-than-expected economic data.
Chinese mainland markets soared on Tuesday, with the Shanghai Composite closed up 3.32 percent, or 93.7 points at 2,916.49 and the Shenzhen composite closed 4.091 percent higher, or 73.585 points at 1,872.359. In Hong Kong, the Hang Seng index was 1.2 percent higher at 3:22 p.m. HK/SIN time.
China shares may be getting a fillip from a Goldman Sachs report released Tuesday, which raises its probability estimate from 50 percent to 70 percent for A-share inclusion in the MSCI indexes. The MSCI will announce the results of its Annual Market Classification Review on June 15, which may see the A-share market included in the index.
There is also speculation that China's "National Team" might be behind the rallying of brokerage stocks which are giving mainland markets a boost, according to a Dow Jones report. Among brokerages, Hong Kong-listed Citic Securities was up 3.29 percent and mainland-listed Huatai Securities added 8.12 percent.
Futures for the China market index CSI 300 spiked lower intraday, dropping as low as 2,732.4 from 3,127, before recovering almost immediately to levels above 3,131 without any clear trigger.It did not affect that underlying index, which was up 3.35 percent, leading to speculation that the futures' move might be due to a "fat finger" error, or a misentered trade.
Australia's ASX 200 closed down 0.54 percent, or 29.417 points at 5,378.6, weighed by its energy subindex, which shed 1.45 percent, but that follows a 5.6 percent gain over the past four sessions.