Asia Markets: Nikkei slips, but Chinese stocks bounce back after Monday’s plunge

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Asian markets were mixed in early trading Tuesday, with Chinese equities rising while Japanese stocks fell.

Japan’s Nikkei
NIK, -0.92%
  dropped about 1%, though analysts said that was mostly a catch-up reaction to Monday’s widespread regional declines that took place while Japanese markets were closed for a holiday. Electronics were among the biggest decliners as concerns over U.S.-China trade tensions continue to grow and as the yen
USDJPY, -0.09%
  has rebounded since Friday. Sharp
6753, -4.26%
  and Renesas
6723, -4.23%
  were down nearly 4% amid broad selling, with just two of the 33 Topix sectors — construction and real estate — logging gains shortly after the open. Financials have fallen less, with bond yields remaining up. The 10-year JGB was up a half-basis point at 0.15%.

Hong Kong’s Hang Seng Index
HSI, +0.17%
  was up 0.5% as it tried to avoid its second six-day losing streak in a month. Tencent
0700, +0.27%
  hit fresh 15-month lows in dropping more than 0.5% in early trading, but recovered to positive territory. Meanwhile, automaker Geely
0175, -2.40%
  skidded 3% after its September sales report. But oil heavyweight CNOOC
0883, +2.36%
 climbed nearly 3%.

Chinese stocks were higher in early trading after yesterday’s wide 4% slides left indexes there near multiyear lows. The Shanghai Composite
SHCOMP, +0.09%
  rose an early 0.3% while the smaller-cap Shenzhen Composite
399106, -0.12%
  climbed 0.4%. A bounce-back after Monday’s post-holiday slide wasn’t unexpected, but the key question is whether it’s sustainable.

Australia’s ASX 200
XJO, -0.95%
  slipped almost 1%, dragged by financial stocks such as Commonwealth Bank of Australia
CBA, -0.92%
New Zealand’s benchmark
NZ50GR, -0.83%
  fell almost as much.

Singapore’s stock benchmark
STI, -0.20%
  hit a three-week low while Malaysia’s benchmark
FBMKLCI, -0.16%
  slipped slightly as well. Taiwan’s Taiex
Y9999, +0.01%
  gained a bit. South Korean markets were closed for a holiday.

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