Hong Kong, Mainland Stock Markets End In Red

Hong Kong stocks sank on Tuesday after a recent rally as profit-taking offset a strong lead from Wall Street, with attention turning to new Federal Reserve boss Jerome Powell's congressional debut later in the day.

The Hang Seng Index fell 0.7 percent, to end at 31,268.

On the mainland, the Shanghai Composite Index fell 1.1 percent, to 3,292. The Shenzhen Composite Index, which tracks stocks on the mainland's second exchange, lost 0.3 percent, to close at 1,808.

Tokyo stocks rallied as inflation fears that sparked wild volatility earlier this month receded. The benchmark Nikkei 225 index jumped 1.1 percent, to close at 22,389.

But most other Asian markets struggled to maintain momentum. Singapore shed 0.3 percent and Seoul eased 0.1 percent, while Taipei gave back 0.2 percent.

Sydney and Wellington each put on 0.2 percent, while Manila and Jakarta also rose.

With eyes on Powell, the US dollar is struggling against its main peers as well as other higher-risk currencies, despite the euro coming under pressure after the head of the European Central Bank suggested he would be patient in removing crisis era stimulus. (AFP)