Japan PPI, South Korea consumer sentiment index, Nvidia sell-off

The screen shows the Nikkei 225 Stock Average on the trading floor at Nomura Securities Co.’s headquarters. in Tokyo, Japan, January 11, 2024

Bloomberg | Bloomberg | Getty Images

Asia-Pacific markets posted the biggest gains on Tuesday as investors sold off U.S. Big Tech stocks overnight in favor of sectors such as banking and energy.

Technology favorite Nvidia fell 6.7% on Monday and was one of the biggest contributors to the Nasdaq’s losses. The worst-performing sector of the S&P 500 was information technology, which fell more than 2%.

Investors in Asia assessed South Korea’s June consumer sentiment index as well as producer prices in Japan’s services sector.

Japan’s services producer price index rose 2.5% year-on-year in May, compared with a 2.7% rise in April.

South Korea’s consumer confidence index rose to 100.9 in June from 98.4 in May. This comes amid growing optimism about living standards and future household incomes, as well as the national economic situation.

HEART BUSINESS NAME PRICE CHANGE %CHANGE

.N225 Nikkei 225 Index NIKKEI 39060.68 +256.03 +0.66%

.HSI Hang Seng Index HSI 18109.20 +81.49 +0.45%

.AXJO S&P/ASX200 ASX200 7814.30 +80.60 +1.04%

.SSEC Shanghai SHANGHAI 2951.95 -11.15 -0.38%

.KS11 KOSPI Index KOSPI 2777.36 +12.63 +0.46%

.FTFCNBCA CNBC 100 ASIA IDX CNBC 100 9823.68 +88.39 +0.91%

HEART	BUSINESS	NAME	PRICE	CHANGE	%CHANGE
.N225	Nikkei 225 Index	NIKKEI	39060.68	+256.03	+0.66%
.HSI	Hang Seng Index	HSI	18109.20	+81.49	+0.45%
.AXJO	S&P/ASX200	ASX200	7814.30	+80.60	+1.04%
.SSEC	Shanghai	SHANGHAI	2951.95	-11.15	-0.38%
.KS11	KOSPI Index	KOSPI	2777.36	+12.63	+0.46%
.FTFCNBCA	CNBC 100 ASIA IDX	CNBC 100	9823.68	+88.39	+0.91%

Japan’s Nikkei 225 gained 0.51% and the broad Topix rose 1.44%.

South Korea’s Kospi gained 0.42%, while small-cap Kosdaq reversed gains and fell 0.52%.

The Taiwan weighted index has recovered some of its losses and was last down 0.29%.

Hong Kong’s Hang Seng Index rose 0.74%, while Mainland China’s CSI 300 Index rose 0.16%.

Reuters reported that the Biden administration is investigating three Chinese telecommunications companies over concerns that Beijing will be able to access US data through cloud and internet companies in the US

All three companies mentioned in the Reuters report – China Mobile, China Telecom and China Unicom – gained in morning trading.

Australia’s S&P/ASX 200 index rose 0.92%.