A customer pays for his purchase at a dried food stall in Seoul, South Korea, on Thursday, March 3, 2022. Photographer: SeongJoon Cho/Bloomberg via Getty Images
This is CNBC's live blog covering Asia-Pacific markets.
Hong Kong stocks led gains in Asia-Pacific markets on Tuesday as Xiaomi shares surged, while investors assessed economic data from South Korea and Australia.
The Hang Seng index gained 2.18% as traders returned from a long weekend, with shares of Xiaomi jumping as much as 16% after the consumer electronics company began taking orders on Thursday for its newly launched electric vehicle.
South Korea's March inflation rate held steady at 3.1%, in line with expectations from economists polled by Reuters.
Australia's factory activity contracted at its fastest pace since May 2020, with its purchasing managers' index sliding to 47.3 in March from 47.8 in February.
A private survey showed India's manufacturing sector expanded at its fastest pace in 16 years.
Get Tri-state area news delivered to your inbox. Sign up for NBC New York's News Headlines newsletter.
China's CSI 300 index fell 0.42% to end at 3,580.68, snapping a three-day winning streak.
Money Report
South Korea's Kospi closed 0.19% higher at 2,753.16, but the Kosdaq slid 2.29% to 891.59 after the inflation reading.
In Australia, the S&P/ASX 200 climbed slipped 0.14% to 7,886, retreating from fresh all-time highs.
Japan's Nikkei 225 rebounded to close 0.09% higher at 39,838.91, while the broad-based Topix ended 0.25% down at 2,714.45.
Overnight in the U.S., all three major indexes ended mixed as the benchmark 10-year Treasury yield climbed 13 basis points to 4.319%
The 30-stock Dow Jones Industrial Average lost 0.6%, and the S&P 500 dipped 0.2% The tech-heavy Nasdaq Composite added 0.11%.
— CNBC's Pia Singh and Samantha Subin contributed to this report.
India's March manufacturing PMI hits 16-year high
India's manufacturing sector expanded at its fastest pace since 2008 in March, according to a private survey.
The HSBC India Manufacturing Purchasing Managers' Index climbed 59.1 in March, from 56.9 in February.
The survey said the growth was driven by higher new orders, output and input stocks, and renewed job creation.
A PMI reading above 50 signifies an expansion, while below that represents a contraction.
— Shreyashi Sanyal
Hanhwa Aerospace shares jump 15% on spinoff plans
Shares of South Korean defense firm Hanhwa Aerospace surged as much as 15% after the company said it was considering a spinoff.
Hanhwa, which manufactures aerospace engines, artillery and air defense systems, among other things, did not specify which division it was planning to spin off.
In a filing, Hanhwa referred to a report in South Korean media outlet News 1, which reported that the company could propose a spinoff at its board meeting on April 5.
— Lim Hui Jie
Samsung rises over 3%, but Kospi gains limited due to automaker losses
South Korea's Samsung Electronics rose more than 3% on Tuesday, making it the top Kospi gainer.
But despite Samsung having as much weight on the index as the next eight largest firms on the index combined, the broader Kospi rose just 0.14%.
The index was dragged by pharmaceutical and automaker stocks, with notable losers including Hyundai Motor and Kia Corp, which lost over 3% each, as well as internet giant Kakao, which fell 5.2%.
— Lim Hui Jie
Country Garden announces trading suspension
Country Garden Holdings said on Tuesday trading in its shares on the Hong Kong Stock Exchange will be suspended.
The trading suspension will come into effect from 9 a.m. Hong Kong time on April 2, the statement read.
The beleaguered China property developer said on Thursday that its results for 2023 will be delayed.
Shares of the Hong Kong-listed company have fallen nearly 38% so far this year.
— Shreyashi Sanyal
Australian gold miners surge after bullion hit record highs
Shares of gold miners in Australia climbed as the market reopened after a holiday, with heavyweight Newmont Corporation leading sector-wide gains, up more than 5%.
Newmont is currently the second-largest gold miner on the Australian stock exchange by market cap.
Northern Star Resources, the largest gold miner on the ASX by market cap, also rose about 2.21%.
The gains come after gold prices hit fresh records on Thursday, reaching a high of $2,286.4.
— Lim Hui Jie
Reserve Bank of Australia to shift to a new system to implement monetary policy
Australia's central bank will switch to a new system for the implementing its monetary policy, Christopher Kent, Assistant Governor of the Reserve Bank of Australia, said in a speech on Tuesday.
Kent said the RBA endorsed the option to move to the ample reserves system, with full allotment repurchase agreement auctions for its open market operations, similar to that of the Bank of England, the European Central Bank, and Sweden's Riksbank.
"I want to emphasize that this decision has no implications for the current or future stance of monetary policy," he said, adding that it won't impact the way RBA currently handles quantitative tightening.
— Shreyashi Sanyal
Australia's factory activity contracts at fastest pace since May 2020
Australia's factory activity in March shrank at its fastest pace since May 2020, according to a private survey from Judo Bank.
The country's purchasing managers' index slipped to 47.3, down from February's 47.8, and contracting for a second straight month.
Judo Bank wrote that "underpinning the latest downturn was an accelerated fall in new work inflows, which led to a reduction of manufacturing output."
The bank also noted that employment and purchasing levels as well as overall business confidence declined in March.
— Lim Hui Jie
South Korea's inflation rate unchanged at 3.1% in March
South Korea's inflation rate held steady at 3.1% in March, in line with expectations from economists polled by Reuters.
On a month-on-month basis, the consumer price index rose 0.1%, a slower pace compared with February's 0.5% and Reuters expectations of a 0.3% rise.
— Lim Hui Jie
CNBC Pro: 'Very, very attractive': Strategist names two under-the-radar U.S. small cap names to play right now
Market strategist Matt Orton sees promise in small mid cap stocks this year, naming four under-the-radar companies he is bullish on right now.
"I have been optimistic around small-caps this year, and it looks like we could be on the verge of an even bigger breakout," Orton, who is the chief market strategist at asset management firm Raymond James Investment Management told CNBC's "Squawk Box Asia" on April 1.
Small cap players in the U.S. stand out to him as "very, very attractive" right now, he said, naming two under-the-radar companies he likes.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Five stocks to buy and hold for the long-term, according to the pros
Investing for the long-term is no mean feat.
A longer investment period involves "looking for business models and strategies that are likely to stay for say 10, 20 or even 40 years from now," says David Dietze, managing partner and senior portfolio strategist at Peapack Private Wealth Management.
CNBC Pro spoke to three fund managers on their stocks to to buy now and hold for the longer-term.
CNBC Pro subscribers can read on their top five stocks picks here.
— Amala Balakrishner
A 'rare combination' is boosting the global stock market, Bank of America says
The global economy and foreign stock markets are starting to wake up, according to Bank of America.
The U.S. was one of the few strong economies and markets in 2023, but that appears to be changing in the new year. Quant strategist Nigel Tupper said in a note to clients that the MSCI AC World Index is up more than 7% after the first quarter and that the "global wave," a compilation of economic indicators, is on the upswing.
Meanwhile, the Swiss National Bank lowered its benchmark interest rate last month, becoming the first of what is expected to be several major central banks to cut rates this year.
"The rare combination of improving data and easier policy is a powerful set up for global equity markets," the note said.
— Jesse Pound, Michael Bloom
Crypto stocks slide with bitcoin to kick off a busy quarter for digital assets businesses
Bitcoin fell to start the new month and quarter, dragging crypto equities down with it.
The price of the cryptocurrency was last lower by 3.5% at $68,477.88, according to Coin Metrics, as Treasury yields jumped and the dollar rose, following data that showed growth in the manufacturing sector for the first time since September 2022.
Crypto exchange Coinbase and software provider MicroStrategy, which largely trade as a proxy for the price of bitcoin, each fell about 5%. The largest mining stocks, Marathon Digital and Riot Platforms, lost 5% and 6%, respectively. CleanSpark, one of the best-performing miners this year, slid 10%.
April could be tumultuous for crypto-related stocks. Investors are looking toward the bitcoin halving, which will slash the reward and therefore revenue of bitcoin miners, in the second half of the month. The event could hurt the performance of miners but historically has set bitcoin up for rallies of 300% or more in the months that follow.
For more on what to expect in the weeks ahead, read our Q2 crypto outlook here.
— Tanaya Macheel
Oil prices rise amid reports Iranian consulate hit by missile strike in Damascus
Crude oil futures rose on the first day of second-quarter trading Monday amid reports that the Iranian consulate in Damascus was hit by a missile strike.
The West Texas Intermediate contract for May delivery gained $1.28, or 1.54%, to $84.45 a barrel. The Brent contract for June delivery added 93 cents, or 1.07%, to $87.93 a barrel.
Syrian and Iranian state media said Monday that an Israel missile strike hit the Iranian consulate in Damascus. A Lebanese security source told Reuters that a senior commander in Iran's Revolutionary Guard Corps, Mohammad Reza Zahedi, was among the dead.
"This news, if confirmed, is a clear escalation of conflict in the Middle East and is likely to continue to bolster near-term oil prices," Leo Mariani, an analyst with Roth MKM, told clients Monday.
