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Asia stocks take a breather to trade mixed

Asia stocks take a breather to trade mixed

Asian equities were trading mixed on Tuesday in morning session, taking a breather from an upbeat start for the year, in the absence of fresh catalysts to spur the rally on and as the dollar nursed overnight losses.

The MSCI Asia Pacific index slipped as a decline in materials and energy stocks weighed. In Japan, the Nikkei 225 added 0.25% and remained close to multi-decade highs.

In corporate news, Subaru advanced 1.59% to outperform its peers. The company said it expected sales stateside to increase by 5% this year to 680,000 vehicles. Other Japanese automakers were mixed. Toyota added 0.22%, but Honda declined 0.28%.

Across the strait, South Korea’s Kospi added 0.17% after the heavyweight Samsung Electronics rose 0.95%. Rival chipmaker SK Hynix also climbed 0.83% in early trade.

In Australia, S&P/ASX 200 index was down 0.26% as the energy, utilities and telecommunications sectors led losses on the broader index Rio Tinto shares declined 1.1%, paring earlier gains made after it reported fourth-quarter production figures.

In Greater China, Hong Kong’s Hang Seng Index was up 0.65%, while the Shanghai Composite Index on the mainland was trading 0.22% up.

US stock markets were closed on Monday for a holiday.

In currency news, the dollar edged up against the Japanese currency to trade at 110.71, above Monday's close of 110.52.

Meanwhile, the euro held onto overnight gains made as the greenback sank in the last session. The common currency traded at $1.2266 after climbing as high as $1.2296 on Monday.

In commodities, West Texas Intermediate crude added 0.7% to $64.72 a barrel, reaching the highest since 2015. Gold rose 0.1% to $1,340.72 an ounce, the highest in more than four months.

 

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