Asia-Pacific stocks dip

After a strong start to the week, Asian stock markets mainly declined on Tuesday as investors reviewed the meeting minutes of Australia’s central bank. In the last hour of trading, the Hang Seng index in Hong Kong declined by 0.43% and the Hang Seng Tech index by 0.88%.

The S&P/ASX 200 index fell 0.56% to 6,649.6 in Australia. Tuesday saw the release of the Reserve Bank of Australia’s meeting minutes, which revealed that the board considered current rates to be “well below” the neutral rate, indicating that future rises will be required to bring inflation back to the target over time.

Earlier this month, the RBA increased interest rates by 50 basis points. According to the minutes, “the level of interest rates was still very low for an economy facing a tight labour market and a period of higher inflation.” The Australian dollar gained ground, reaching $0.6859.

Mainland market conditions were mixed in China and South Korea. Shenzhen Component decreased 0.3% at 12,494.77 and the Shanghai Composite was marginally higher at 3,279.43. Despite the Kosdaq’s 0.72% increase to 782.33, the Kospi fell 0.18% to 2,370.97.

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