Workers are processing chips at a workshop of an optoelectronic technology company in Huai’an, China, on May 11, 2024.
Costfoto | Nurphoto | Getty Images
Japan’s Nikkei 225 rebounded after leading losses in Asia on Monday, climbing 1.96%, while the broad-based Topix gained 0.73%.
Shares of Nippon Steel fell about 1.6% after the company, along with U.S. Steel, reportedly sued the U.S. government over President Joe Biden’s decision to block Nippon Steel’s $14.9 billion takeover of the U.S company.
South Korea’s Kospi advanced 1.21%, with chip heavyweight Samsung Electronics extending gains to rise about 1.2%. The small-cap Kosdaq was up 0.34%.
Australia’s S&P/ASX 200 started the day 0.22% higher, on pace for a fourth day of gains.
In contrast, futures for Hong Kong’s Hang Seng index last traded at 19,664, pointing to a weaker open compared to the HSI’s close of 19,688.29.
Hong Kong-listed tech stocks will be in the spotlight after the U.S. Defense Department added Chinese tech giant Tencent Holdings and battery maker CATL to a list of firms it calls “Chinese military companies.”
Tencent American depositary receipts fell almost 8% overnight.
In the U.S., the S&P 500 advanced 0.55% and climbed alongside the Nasdaq, which gained 1.24% on the back of the tech rally.
However, the Dow Jones Industrial Average lagged, reversing earlier gains and falling 0.06%.
— CNBC’s Pia Singh and Tanaya Macheel contributed to this report.