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What happened overnight?

In Asia, equities fell mostly as optimism about a Wall Street rally was offset by worries about the Chinese economy.

Stocks rose modestly in Tokyo but fell in most other regional markets. Hong Kong’s benchmark slipped 2 percent as it reopened after a weather-related shutdown on Monday.

On Monday, China reported weaker economic growth for the spring than most economists had expected.

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The recovery following the lifting of anti-Covid restrictions fell short of forecasts. This has helped contain global inflation, but it is also hampering a key engine of growth in the global economy.

Japan’s benchmark Nikkei 225 rose 0.2 percent to 32,438.27. The markets in Tokyo were also closed on Monday for a public holiday.

Australia’s S&P/ASX 200 lost 0.5 percentage points to 7,264.90. South Korea’s Kospi slipped 0.3 percentage points to 2,611.96. Hong Kong’s Hang Seng shed more than 400 points, falling to 19,008.06, while the Shanghai Composite fell 0.4 percentage point to 3,196.86.

The losses came despite a positive lead from Wall Street, where the market rally continued ahead of key earnings reports and US economic releases this week.

The broad-based S&P 500 rose 0.4 percent to 4,522.79, its highest close in 15 months. The Dow Jones Industrial Average rose 0.2 percent to 34,585.35, while the tech-rich Nasdaq Composite climbed 0.9 percent to 14,244.95.

The yield on the benchmark 10-year Treasury bond fell to 3.80 percent from 3.84 percent late Friday.


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