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Asia-Pacific shares mixed as investors react to Biden-Xi talks; Razer shares in Hong Kong soar

Shares in Asia-Pacific were mixed on Tuesday as investors reacted to a virtual meeting between U.S. President Joe Biden and Chinese President Xi Jinping.

Hong Kong’s Hang Seng index advanced about 1%, as of its final hour of trading. Shares of gaming hardware firm Razer in Hong Kong surged more than 10% after Reuters reported, citing sources, that executives at the firm are leading a consortium plan to value the company at up to 35 billion Hong Kong dollars (about $4.49 billion).

 

·         China stocks rise on positive signs in Biden-Xi meeting

Mainland Chinese stocks ended the trading day lower, with the Shanghai composite falling 0.33% to 3,521.79 while the Shenzhen component fell 0.153% to 14,613.97.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.24% higher.

The virtual meeting between Biden and Xi, which marked the closest communication between the two leaders since Biden took office in January, kicked off on a positive note with cordial remarks. Following the meeting, public statements emphasized ways for the two economic powerhouses to avoid conflict, though points of tension were noted.

·         The S&P/ASX 200 in Australia fell 0.67% to close at 7,420.40 after the Reserve Bank of Australia’s governor pushed back against calls for a rate hike next year.

 

·         Japanese shares end marginally higher in subdued trade

Japanese shares ended slightly higher on Tuesday, erasing most of early gains due to lack of any major market moving cues, but gains in companies with upbeat outlook underpinned the overall sentiment.

European stocks were modestly higher on Tuesday as investors reacted to key economic data and a fresh round of corporate earnings.