Hong Kong Stocks Lose Steam, Nikkei Bounces Back

Hong Kong stocks rose slightly in the morning session on Tuesday but were well off recovering the previous day's steep losses as investors fret over the state of the global economy.

The Hang Seng Index edged up 0.1 percent, to 28,564 by the break.

On the mainland, the Shanghai Composite Index gave up early gains and was down 1 percent, to 3,012, and the Shenzhen Composite Index was down slightly over 1 percent, to 1,659.

But other Asian markets were optimistic. Tokyo led gains, jumping 1.8 percent by the break – having dived three percent on Monday.

Sydney added 0.1 percent, Singapore put on 0.7 percent, while Seoul, Wellington, Taipei and Manila also rose.

Asian markets were hammered on Monday, which came on the back of a drop in benchmark 10-year Treasury bond yields below those for three-month bills – for the first time since before the global financial crisis.

In Britain, the Brexit saga took a new twist when lawmakers inflicted yet another defeat on May by voting to take control of parliamentary business that will see them hold a series of ballots on different options for leaving the EU.

While uncertainty reigns, the sterling was slightly higher on Tuesday, with investors still hopeful Britain will avoid a no-deal Brexit, which some warn could be an economic calamity for the country. (AFP)

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