BANGKOK (AP) — Shares were mostly higher Tuesday in Asia as Chinese stocks were buoyed by an apparent shift in Beijing toward easier credit and other forms of stimulus for the sluggish economy.
Market superstar Nvidia’s shares fell 0.6% in afterhours trading, extending a 2.6% loss after China said it was investigating the company over suspected violations of Chinese anti-monopoly laws.
The Shanghai Composite index gained 0.6% to 3,422.66 while Hong Kong’s Hang Seng shed early losses, falling 0.4% to 20,326.44 as traders sold to lock in earlier gains.
At a meeting announced late Monday, top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s the first move in 10 years away from a more cautious, “prudent” stance. A major planning meeting expected Wednesday could also bring more support for the Chinese economy.
But the latest economic data were less positive, with exports rising less than expected in November and imports falling nearly 4%. Recent price data also have been weaker than anticipated, suggesting demand remains weaker than hoped for.
Tokyo’s Nikkei 225 gained 0.5% to 39,367.58, while the Kospi in South Korea jumped 2.4% to 2,417.84, recovering some of its recent losses as the country’s recent political turmoil simmered on.
On Tuesday, South Korean prosecutors were seeking to formally arrest the former defense minister alleged to have colluded with President Yoon Suk Yeol in imposing martial law last week, as both men are being investigated on rebellion and other charges.
Taiwan’s Taiex shed 0.6% as the government said China’s military appeared to be preparing for widely anticipated drills in response to a recent visit by its president, Lai Ching-te’s visits to Hawaii and Guam. Taiwan’s defense ministry said Monday that it has detected Chinese naval and coast guard ships entering the Taiwan Strait and the western Pacific and that China had restricted airspace along its southeast coast through Wednesday.
The moves have ratcheted up tensions after U.S. President-elect Donald Trump said he would not commit to defending Taiwan if China were to invade during his presidency.
Elsewhere in the region, Australia’s S&P/ASX 200 slipped 0.4% to 8,393.00. Markets in Thailand were closed for a holiday.
On Monday, the S&P 500 fell 0.6% to 6,052.85, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 0.5% to 44,401.93, and the Nasdaq composite pulled back 0.6% to 19,736.69.
Nvidia’s decline was by far the heaviest weight on the S&P 500. It has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other.