This is CNBC's live blog covering Asia-Pacific markets.
Hong Kong's Hang Seng index rose over 3% to lead gains in Asia-Pacific markets and was set to extend its winning streak to three days, while mainland China's CSI 300 rose 0.23% to close at 3,597.49.
This comes as Japan's corporate inflation rate for February rose to 0.6%, beating the 0.5% expected by economists polled by Reuters and climbing from January's figure of 0.2%.
A strong inflation reading could also clear the way for the Bank of Japan to raise rates soon, which would weigh on Japan's equity markets.
Japan's Nikkei 225 slipped for a second straight day, losing 0.06% and closing at 38,797.51, while the broad based Topix was down 0.36% and ended at 2,657.24.
In Australia, the S&P/ASX 200 rebounded and gained 0.11%, closing at 7,712.5.
South Korea's Kospi also regained some ground, trading up 0.83% to finish at 2,681.81, while the small cap Kosdaq climbed 1.57% to 889.71, its highest level since September 2023.
Investors will also be keeping an eye on inflation figures out of India as well as the U.S. later Tuesday, which could give a clue as to when the Federal Reserve will cut interest rates.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| .N225 | Nikkei 225 Index | NIKKEI | 38,946.93 | -122.75 | -0.31% |
| .HSI | Hang Seng Index | HSI | 19,220.62 | -415.60 | -2.12% |
| .AXJO | S&P/ASX 200 | ASX 200 | 7,851.70 | -12.00 | -0.15% |
| .SSEC | Shanghai | SHANGHAI | 3,157.97 | -13.18 | -0.42% |
| .KS11 | KOSPI Index | KOSPI | 2,724.18 | -17.96 | -0.65% |
| .FTFCNBCA | CNBC 100 ASIA IDX | CNBC 100 | 9,765.52 | -75.07 | -0.76% |
Overnight in the U.S., all three major indexes ended the session mixed as the tech rally continues to cool, with both the S&P 500 and Nasdaq Composite seeing a second straight negative session and falling 0.11% and 0.41%, respectively.
The Dow Jones Industrial Average bucked the trend, adding 0.12%.
— CNBC's Sarah Min and Alex Harring contributed to this report.
Chinese billionaire and former Olympic gymnast Li Ning is set to take his sports apparel and equipment company, Li Ning Co, private, according to a Reuters report.
The report said that Li is considering leading a consortium to buy out the company, which had a market capitalization of HK$52.85 billion ($6.8 billion) as of Monday.
Shares of Li Ning surged by as much as 19.8% on Tuesday, sending the stock to its highest level since November 2023.
— Lim Hui Jie, Reuters
Shares of Taiwanese electronic contract manufacturer Foxconn spiked over 8% on Tuesday, hitting their highest level since July 2021.
Foxconn, which trades in Taiwan as Hon Hai Precision Industry, has seen its shares surge over the last two days.
While the reason for the rise was not immediately clear, a Bloomberg report said "the global artificial intelligence frenzy is prompting local Chinese investors to pile into shares of Taiwan's Foxconn Industrial Internet, instead of home-grown companies."
Foxconn Industrial Internet is a subsidiary of Hon Hai.
— Lim Hui Jie
Shares of Chinese consumer electronics company Xiaomi surged over 8% after the company announced that it will start deliveries of its first electric vehicle on March 28.
The stock outperformed the wider Hang Seng index, which was up 1.25%.
In a Weibo post, the smartphone company announced that the orders for the SU7 model will be taken at 59 stores in 29 cities across China.
— Lim Hui Jie
Japan's 2-year government bond yields hit a 13-year high amid speculation that the Bank of Japan will soon tighten monetary policy.
The yield on the 2-year JGB rose to 0.2% on Tuesday, having last reached this level in January 2010.
The yield on the benchmark 10-year JGB also climbed to 0.778%, its highest level since November 2023.
— Lim Hui Jie
Japan's corporate goods price index rose 0.6% year-on-year in February beating the 0.5% expected by economists polled by Reuters and quicker than December's figure of 0.2%.
On a month-on-month basis, the CGPI climbed 0.2%, a faster pace than the 0.1% expected in the Reuters poll and also more than the 0% reading in December.
The CGPI measures the price changes of goods traded within the corporate sector.
A strong inflation reading could also clear the way for the Bank of Japan to raise rates sooner rather than later, which would weigh on Japan's equity markets.
— Lim Hui Jie
Declining foreign investment and a prolonged property slump are just some of the issues that have put pressure on the Chinese economy — and stock market.
However, things could be about to turn around for the Asian powerhouse, which left behind months of deflation in February with a 0.7% year-on-year rise in consumer prices. Factory activity in China also expanded for a third straight month in January.
The stock market too has been picking up, with the Shanghai Composite Index — which hit a five-year low in early February — gaining over 6% in the past month to cross 3,000.
One portfolio manager says these developments, which follow a raft of stimulus measures from the government, make China an appealing destination for investors once more.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Barclays has named three European stocks that investors should consider buying for the upcoming quarter.
The Wall Street bank's strategists said they have a "high conviction" since the "risk-adjusted returns are attractive" in these companies. All three stocks are also traded in the U.S.
CNBC Pro subscribers can read more here.
— Ganesh Rao
With sentiment and positioning elevated and valuations adequately reflecting good news in the market, UBS believes a correction could be ahead.
"The market looks more susceptible to pullbacks, although we don't believe investors should lose sight of the bigger picture," the bank's chief investment office wrote to clients Monday.
The team said investors should stay neutral on U.S. equities, noting that being invested in line with long-term targets make sense given the "many positive drivers still in place."
Healthy economic growth and lower inflation are two reasons why the market has performed so well, the firm said. The third reason is artificial intelligence, which the team said has created "fertile soil for risk on moves."
— Alex Harring
Oil prices were mixed Monday as traders awaited a new round of February inflation data and reports on the global crude outlook from OPEC and the International Energy Agency this week.
The West Texas Intermediate contract for April lost 8 cents, or 0.10%, to settle at $77.93 a barrel. The Brent contract for May added 13 cents, or 0.16%, to settle at $82.21 a barrel.
U.S. crude and the global benchmark fell 2.45% and 1.76%, respectively, last week on tepid demand in China and comments from the IEA that the market should be well supplied this year.
"WTI rejection of $80 a barrel has some wondering whether the move is over," Phil Flynn, an analyst at the Price Futures Group, wrote in a Monday note.
— Spencer Kimball
Stocks whose performance is tied to the price of bitcoin rose on Monday after the cryptocurrency climbed to another all-time high.
Crypto exchange Coinbase advanced 3.5%. Bitcoin proxy Microstrategy jumped 9% after the company purchased another roughly 12,000 bitcoins for more than $821 million in cash, according to a filing.
Miners were mixed, however. Marathon Digital lost 3.75% and CleanSpark fell 4%. Meanwhile, Iris Energy gained 2.6% and Riot Platforms was flat. These were some of the biggest stock market gainers in February. All but CleanSpark, one of the lower-cost operators of the group, have turned lower for March as investors digest the upcoming Bitcoin halving event, when mining companies' revenue will be slashed.
— Tanaya Macheel