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Equities were mixed in Asia on Tuesday as tech stocks carried on momentum from the sector’s performance on Wall Street and big Australian banks softened after a ratings cut from Moody’s.
Tokyo-listed stocks were rallying on sentiment from Wall Street, where the benchmark S&P 500 equity index rose 0.8 per cent to a record close of 2,453 as the US tech sector rebounded. The Topix climbed 1.1 per cent, with telecoms and materials up 1.6 per cent, financials up 1.5 per cent and information technology stocks rising 1.3 per cent.
Share prices of Australia’s “Big Four” banks were lower on Tuesday after Moody’s Investors Services cut its credit rating on the quartet and a handful of other domestic lenders owing to “elevated risks” in the household sector. ANZ Banking Group was down 0.5 per cent, Commonwealth Bank fell 0.3 per cent, National Australia Bank dropped 0.5 per cent and Westpac sank 0.3 per cent on Tuesday. The benchmark S&P/ASX 200 down 0.2 per cent.
In Hong Kong the Hang Seng was up 0.2 per cent as gains of around 1.3 per cent from tech and consumer discretionary stocks were offset by losses from the telecoms and consumer staples segments.
Chinese equities were mixed ahead of MSCI’s decision on whether to include mainland stocks in its benchmark indices, with the Shanghai Composite down 0.1 per cent and the Shenzhen Composite up 0.2 per cent.