Asia Mixed on China Data, Korea Vote

Asia-Pacific markets traded mixed Tuesday after China's manufacturing activity in May shrank at the fastest pace since September 2022, a private survey showed. In Japan, the Nikkei 225 fell 23.86 points, or 0.1%, to 37,446.81. In Hong Kong, the Hang Seng darted higher 354.52 points, or 1.5%, to 23,512.49. Markets in Australia advanced after briefly hitting a near four-month high earlier in the session. The country’s seasonally adjusted current account balance for the first quarter of 2025 came in at a deficit of 14.7 billion Australian dollars ($9.53 billion U.S.), exceeding the AU$13.1 billion deficit forecast by economists polled by Reuters, but an improvement from the AU$16.3 billion deficit in the previous quarter’s revised reading. CHINA In Shanghai, the CSI 300 poked ahead 11.78 points, or 0.3%, to 3,852.01 The Caixin/S&P Global manufacturing purchasing managers’ index came in at 48.3, missing Reuters’ median estimate of 50.6 and dropping sharply from 50.4 in April, as a sharper decline in new export orders highlighted the impact of prohibitive U.S. tariffs. China on Monday pushed back against the U.S.' accusations that it had violated a temporary trade agreement. Instead, the Asian powerhouse blamed Washington for failing to uphold the deal — a sign that negotiations between the world’s two largest economies are deteriorating. In other markets Markets in Korea were closed for polling day. In Taiwan, the Taiex index collected 124.22 points, or 0.6%, to 21,126.93. In Singapore, the Straits Times index edged up 3.79 points, or 0.1%, to 3,894.38 In New Zealand, the NZX 50 handed back 91.66 points, or 0.7%, to 12,327.23. In Australia, the ASX 200 recovered 52.61 points, or 0.6%, to 8,466.68