Stock markets in Asia were mixed on Tuesday, a day after posting strong gains on the back of the recent rallies on Wall Street.
The Australian All Ordinaries closed 38.80 points or 0.68% higher at 5,783.30.
In late trading in Tokyo, the Nikkei 225 was 199.07 points or 0.99% higher at 20,238.04.
In China, the Shanghai Composite was down 9.17 points or 0.36% in late afternoon trading, with the index at 2,523.92.
Hong Kong’s Hang Seng in late trade was off 30.238 points or 0.12% at 25,805.46.
A rise in U.S. treasury yields set the tone for a stronger dollar in Asia on Tuesday, however currencies across the board were holding on to recent gains.
Around the close in Sydney, the euro was changing hands at 1.1447. The British pound was well bid at 1.2772, while the Japanese yen slipped to 108.77.
The Swiss franc was firm at 0.9809, as was the Canadian dollar at 1.3274.
The Australian dollar was consolidating at 0.7128, while the New Zealand dollar continued its recent recovery to trade at 0.6742.
Overnight on Wall Street, stocks continued their rally, however gains were pared back late in the day.
Technology stocks led the way with signifcant gains by Netflix and Amazon.
At the close of trading Monday, the Dow Jones Industrial Average gained 98.19 points or 0.42% to close at 23,531.35 points.
The Standard and Poor’s 500 added 17.75 points or 0.70% to 2,549.69.
The Nasdaq Composite did best of all, strengthening by 84.61 points or 1.26% to close at 6,823.47.
Economic data released earlier in the day on Monday revealed a softening in U.S. services sector activity but not to a point where it threatens the current economic recovery.
Figures for December, as published by the Institute for Supply Management showed the non-manufacturing activity index dropped to 57.6, well off the November reading of 60.7, and below expectations of 59.0.
It was the lowest reading since July 2018.
This article provided by NewsEdge.