Shanghai gave up most of its gains from the previous session, leading declines Tuesday in Asia. The region’s worst performer was China, where the Shanghai Composite fell 1.2%, retreating from Monday’s 1.3% gain on signs of improvement in manufacturing activity.
Many markets took their lead from the U.S., where Wall Street ended Monday lower as investors continued trying to determine the Fed’s monetary-policy plans. New York Fed President William C. Dudley said Monday the U.S. economy still needs support.
Stocks in Tokyo resumed trading after a public holiday on Monday with the Nikkei Average down 0.8% as a stronger yen weighed on the market.
Exporters were affected by the firmer currency — especially car companies. Toyota Motor Corp. dropped 0.6%, and Honda Motor Co. was 1.2% lower.
Miners led Australia’s S&P ASX 200 0.6% lower. Rio Tinto dropped 1.1%, and BHP Billiton slid 0.8%.
South Korea’s Kospi fell 0.7%, and Hong Kong’s Hang Seng Index dropped 1.1%.
Southeast Asia also fell, with the Philippines PSE Composite 0.5% lower, and Indonesia’s JSX down 0.8%, and Singapore’s Strait Times Index 0.1% lower.
A number of Asian companies supplying U.S. technology giant Apple Inc. moved higher after the company reported a “record-breaking” opening weekend for its newest iPhones. Apple’s stock finished 5% higher on Monday, and on Tuesday Murata Manufacturing Co. gained 1.3% in Tokyo, LG Display rose 1.7% in Seoul, and Hon Hai Precision Industry rose 0.5% in Taiwan.
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