Hong Kong stocks snap 5-day losing streak to gain 2%; Asia markets mixed

This is CNBC's live blog covering Asia-Pacific markets.

With the Melbourne skyline in the background, a ship sets sail out of the Port of Melbourne on September 14, 2021.
William West | Afp | Getty Images

Asia-Pacific markets are mixed on Tuesday, after Wall Street's tech sell-off which saw Tesla tumbling 6% after Goldman Sachs downgraded the electric car maker, citing pricing headwinds.

Other major tech names like NvidiaAlphabet and Meta Platforms also lost more than 3% each.

Hong Kong's Hang Seng index rebounded from its five-day losing streak and gained about 2%, leading gains in the region.

Mainland Chinese markets were also in positive territory, with the Shanghai Composite up 1.23% to snap a four-day losing streak to end at 3,189.44. The Shenzhen Component closed 0.97% higher, finishing at 10,978.08.

In Australia, the S&P/ASX 200 closed 0.56% higher at 7,118.2 ahead of tomorrow's inflation figures for May, which will give a clue to the Reserve Bank of Australia's rate moves in August.

In Japan, the Nikkei 225 registered a fourth straight day of declines and fell 0.49% to end at 32,538.33, while the Topix saw a loss of 0.28%, ending at 2,253.8.

South Korea's Kospi ended the day nearly flat at 2,581.39, while the Kosdaq fell 0.61% to close at 874.14.

Overnight in the U.S., all three major indexes fell, with the tech heavy Nasdaq Composite leading losses and shedding 1.16%, the S&P 500 lost 0.45%, and the Dow Jones Industrial Average dipped marginally.

— CNBC's Samantha Subin and Jesse Pound contributed to this report

Malaysia's sovereign wealth fund seeks greater portfolio resilience in volatile markets

Malaysia's sovereign wealth fund on rebalancing portfolio for greater resilience in volatile markets
Malaysia's Khazanah Nasional Berhad explains its strategy for volatile markets

Malaysia's sovereign wealth fund Khazanah Nasional is rebalancing its investment portfolio for greater resilience against market volatility, according to its managing director.

Khazanah's net asset value declined 5% to 81 billion ringgit ($17.4 billion) in 2022 from a year ago, hit by global market downtrends, the fund said in March. The Kuala Lumpur-based fund invests more than half of its portfolio in public markets.

Read the full story here.

— Clement Tan

Japanese yen lingers at 7-month low against the U.S. dollar despite verbal warning

The Japanese yen lingered at seven-month lows despite the country's finance minister warning the government would respond if the currency depreciates excessively.

The yen was trading around 143 yen to the U.S. dollar, its weakest since Nov. 11 when it sank to 146.2 yen.

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This follows a similarly-worded warning Monday from Vice Finance Minister for International Affairs Masato Kanda.

Last year, Japan's Finance Ministry intervened with roughly $68 billion to prop up the yen on three separate days: Sept. 22, Oct. 21 and Oct. 24 — as the currency notched 150 against the greenback, weakening to levels not seen since 1990.

A policy divergence between the Bank of Japan's ultra easy monetary policy and the U.S. Federal Reserve's aggressive tightening stance against inflation is driving dollar strength.

— Clement Tan

Mongolia PM's visit to China was 'very important' for trade and cooperation, says Mongolian minister

Mongolia PM's visit to China is ‘very important’ to cooperation, friendship and trade
Mongolia PM's visit to China is ‘very important’ to cooperation, friendship and trade

Mongolia's deputy minister of economy and development, Tuvdendorj Gantumur, says his country is looking to China for agricultural exports and investments to its mining sector, as Mongolia seeks to diversify its economy.

Shares of Singapore-listed Yangzijiang Shipbuilding surge almost 7% after Maersk contract win

Shares of Singapore-listed shipbuilder Yangzijiang Shipbuilding spiked over 6% on Tuesday after the company announced it had secured a contract from shipping company Maersk to build six methanol dual-fuel container ships.

Each of these ships have a capacity of 9,000 twenty-foot equivalent unit. The Maersk deal is the company's first order win for methanol dual-fuel containerships.

The six vessels secured will be fully constructed in-house and due for delivery between 2026 and 2027.

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— Lim Hui Jie

CNBC Pro: Buy this stock set to plug a 'massive skills gap' in aging America, fund manager says

There's one stock that "resonates the most" for Dani Saurymper, whose fund invests in many sectors catering to an aging population.

"This isn't necessarily the biggest holding in the portfolio, but it's the one for me that really resonates the most in terms of the theme about social change, demographic shift, and it comes back to industry and it comes back to people," Saurymper told CNBC Pro Talks last week.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Big Tech fund manager reveals how he's managing valuations and which stocks to buy

The near-15% rally in the S&P 500 led by the tech sector could be overdone, according to Patrick Armstrong, chief investment officer of Plurimi Wealth.

But the fund manager isn't selling his Big Tech positions.

Armstrong, who manages the Plurimi AI Global Equity Strategy, revealed how he's trading the mega-valuations and names stocks to buy. He also forecast how the tech sector is likely to trade in the next half of the year should a recession occur.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Nasdaq drops nearly 1.2% to start the week

Stocks finished lower on Monday to kick off the final trading week of the second quarter and first half.

The Nasdaq Composite dropped 1.16% to settle at 13,335.78, while the S&P 500 lost 0.45% to close at 4,328.82. The Dow Jones Industrial Average dipped 12.72 points, or 0.04%, to end at 33,714.71.

— Samantha Subin

Technology giants pressure Nasdaq Composite

The Nasdaq Composite lost more than 0.7% during midday trading Monday as major technology stocks pulled back.

Behemoth beneficiaries of the artificial intelligence boom, including Nvidia, Alphabet, Microsoft and Meta Platforms, were last down 4.3%, 2.4%, 1.3% and 2.9%, respectively. Tesla shed 5% following a downgrade from Goldman Sachs, while Netflix and Amazon lost 1% each.

— Samantha Subin

Berkshire continues cutting stake in Chinese electric carmaker BYD

Berkshire Hathaway's BYD stake has gone below 100 million shares, a reduction of more than 56% from the 225 million shares it first purchased in 2008 for $230 million.

In the latest of a series of filings, in Hong Kong, Berkshire reports it held 98.6 million shares as of June 19. They currently have a market value of almost $3.2 billion.

Although unclear when the sales began, the first disclosure was in August of last year. There has still been no detailed explanation of what's driving the selling.

It did not come up during last month's shareholders meeting. During a live CNBC interview in April, Buffett only said it is an "extraordinary company" being run by an "extraordinary person," but "I think that we'll find things to do with the money that I'll feel better about."

— Alex Crippen

Oil prices steady after aborted Russian mutiny

Oil prices steadied Monday, paring some early gains, as investors watched to see if there'll be further fallout from an attempted insurrection in Russia that could disrupt energy supplies from one of the world's largest oil producer nations.

West Texas Intermediate futures were last up about 0.61% at $69.58, after initially rising as much as 1.3% to just below $70 a barrel earlier Monday, followed by last week's almost 4% decline. Brent crude were trading about 0.66% higher at $74.35.

— Clement Tan, Sarah Min