Asian stocks advanced on Tuesday as concerns over the banking crisis eased and China’s top leaders pledged to keep embracing foreign capital despite economic and geopolitical headwinds.<\/p>\n
Chinese stocks underperformed after reports that the government will probe over 30 state-owned firms to weed out corruption. Disappointing earnings from the likes of Sinopec and China Hongqiao Group also weighed on sentiment.<\/p>\n
The benchmark Shanghai Composite Index slipped 0.2 percent to 3,245.38, while Hong Kong’s Hang Seng Index rallied 1.1 percent to 19,784.65, aided largely by gains in the technology<\/span> sector.<\/p>\n Japanese shares edged up slightly after the country’s cabinet approved the use of some funds from the fiscal 2022 budget for measures to cushion the impact of inflation.<\/p>\n The Nikkei 225 Index rose 0.2 percent to 27,518.25, while the broader Topix closed 0.3 percent higher at 1,966.67.<\/p>\n Seoul stocks rallied, with the Kospi settling 1.1 percent higher at 2,434.94 on easing banking woes.<\/p>\n Following assurances from central bank officials, governments and regulators, investors remained convinced that the recent banking fiasco wouldn’t lead to a large-scale financial crisis. Tech heavyweights Samsung Electronics and SK Hynix jumped 1.3 percent and 3.4 percent, respectively.<\/p>\n Australian markets<\/span> rose sharply after data showed the country’s retail sales grew slightly more than expected in February.<\/p>\n The benchmark S&P ASX 200 Index jumped 1.0 percent to 7,034.10, marking its best single-day gain in nine sessions. The broader All Ordinaries Index ended 1.1 percent higher at 7,219.40, led by banks, lithium miners and energy stocks.<\/p>\n Santos surged 3.1 percent and Woodside Energy Group soared 4.8 percent after oil prices rose more than $3 a barrel Monday on signs of tighter supply.<\/p>\n Battery metals explorer Liontown Resources soared 68.5 percent after rejecting an unsolicited takeover offer from top lithium producer Albemarle Corp. Pilbara Minerals surged 11.9 percent and Allkem rallied 13.7 percent.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P NZX-50 Index shot up 1.4 percent to 11,771.27.<\/p>\n U.S. stocks ended mixed overnight after reports of further government support for regional banks and the sale of SVB assets to First Citizens.<\/p>\n The Dow rose 0.6 percent and the S&P 500 inched up 0.2 percent, while the tech-heavy Nasdaq Composite shed half a percent, as Treasury yields climbed on optimism that stress in the banking sector will be contained. <\/p>\n