Asian stocks dip on weak PMIs, China rebounds as state steps in

Investing.com-- Most Asian stocks extended recent losses on Tuesday following weak business activity readings from Japan and Australia, while Chinese markets rebounded from pre-pandemic lows as a state-run fund began snapping up some equities.While diplomatic missions to deescalate the conflict appeared to have shown some progress, missile attacks between Israel and Gaza continued.

Easing Treasury yields, which retreated from multi-year peaks hit earlier this month, offered some support to stock markets, although the technology sector remained under pressure.Central Huijin Investment Co, a Chinese sovereign fund, said it purchased some exchange-traded funds this week to support local stock markets. The fund also signaled that it plans to increase its local ETF holdings, signaling some support for Chinese stocks.

The country’s stocks were battered by growing concerns over a property market meltdown, as well as a sluggish economic recovery this year. But signs of government buying appeared to have provided some support.Technology-heavy indexes were the worst performers for the day, facing continued pressure from high yields. Anticipation of several key U.S.

While yields retreated somewhat this week, they remained in sight of multi-year highs as markets positioned for higher-for-longer U.S. interest rates.index shed 0.5%, trimming some early losses after it hit a 11-month low earlier in the session. But the index remained pressured by losses in heavyweight technology stocks.index sank 0.8%.

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