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What happened overnight

Stocks were mostly lower in Asia as optimism about a rally on Wall Street was offset by concerns about the Chinese economy.

Stocks rose in Tokyo but fell in most other regional markets. Hong Kong’s benchmark index lost 2% as it reopened after a weather-related close on Monday.

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

Her recovery after the removal of anti-Covid restrictions did not live up to expectations. This has helped curb inflation globally, but it has also held back a key driver of global economic growth.

Japan’s benchmark Nikkei 225 index rose 0.2 percentage point to 32,438.27. Markets in Tokyo were also closed on Monday for a holiday.

Australia’s S&P/ASX 200 fell 0.5 points, to 7,264.90. The Kospi index in South Korea lost 0.3 percent to 2,611.96 points. Hong Kong’s Hang Seng fell more than 400 points, dropping to 19,008.06, while the Shanghai Composite fell 0.4%, to 3,196.86.

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

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

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

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