Asia-Pacific stock indices rose on Tuesday, recovering from declines in previous sessions after Wall Street and European markets.
U.S. main indices were up 0.4-1.2%, while the Stoxx Europe 600 composite added 1% on the news that Swiss bank UBS is buying distressed Credit Suisse for 3bn Swiss francs ($3.25bn).
The key event of the week will be the meeting of the Federal Reserve System. Analysts and market participants generally believe that due to the tense situation in the banking sector, the Federal Reserve may raise the prime rate by only 25 basis points. At the same time many economists admit the probability that the rate will be kept at the same level.
China’s Shanghai Composite stock index rose 0.5%.
Shares of Kunlun Tech (10.7%), Zhonghang Electron (6%), Inspur Electronic (1.3%), Wuxi Apptec (5.4%) and Changchun High New (6.7%) showed the most notable gains.
Hong Kong Hang Seng indicator added 0.9%.
Healthcare and consumer sector stocks were the growth leaders. Wuxi Biologics gained 7.3%, Li Ning gained 5.2%, Chow Tai Fook Jewelry gained 4.4% and AIA Group gained 2.8%.
Shares of Bilibili Inc. jumped more than 9% on news that Chinese regulators had issued licenses to sell 27 foreign video games in the country. Bilibili will be the distributor for some of them.
South Korea’s Kospi index rose 0.4%.
The market value of one of the world’s largest chip makers Samsung Electronics Co. rose 0.3% and automaker Hyundai Motor rose 0.2%.
Australia’s S&P/ASX 200 index rose 0.8 percent.
The minutes of the March meeting of the Australian Central Bank, released on Tuesday, showed that the regulator’s leadership is ready to consider a pause in the cycle of rising rates at the next meeting.
Shares of Australia’s leading banks Macquarie Group, Commonwealth Bank, ANZ Group, Westpac Banking and NAB rose 1.3-2.7%.
Major mining and energy companies, including BHP Group (1.9%), Pilbara Minerals (3.6%), Whitehaven Coal (3.5%) and Woodside Energy (1.8%) also rose.
Japan’s stock exchanges are closed Tuesday in observance of Vernal Equinox Day.
Asia-Pacific, STOCK MARKET, Wall Street
