Asian Shares Decline After Mixed China Data

(RTTNews) - Asian stocks declined on Tuesday, with a resurgence in U.S, Treasury yields and mixed China data weighing on investor sentiment.

The dollar bounced back amidst signs of an ease off in geopolitical tensions after Israel said it would consider "tactical little pauses" in fighting to allow the entry of aid or the exit of hostages from the Gaza Strip.

Bond yields steadied after climbing overnight as Minneapolis Federal Reserve Bank President Neel Kashkari said he's not convinced rate hikes are over.

Gold nursed losses while oil prices were down over 1 percent in Asian trading.

China's Shanghai Composite index recouped early losses to finish marginally lower at 3,057.27 as October trade data painted a mixed picture of the world's second largest economy. Hong Kong's Hang Seng index fell 1.65 percent to 17,670.16.

China's exports shrank 6.4 percent year-on-year in October, while imports unexpectedly grew 3.0 percent to snap 11 straight months of decline, official data showed in a sign that recovery in the world's second-largest economy remains uneven despite a series of government stimulus measures.

Japanese shares fell sharply as investors booked profit after recent string of gains. The Nikkei average dropped 1.34 percent to 32,271.82, snapping a four-session winning streak after having hit over a one-month high the previous day. The broader Topix index settled 1.17 percent lower at 2,332.91.

Tech stocks such as Advantest and Tokyo Electron gave up 1-2 percent while Uniqlo brand owner Fast Retailing lost about 1 percent.

Food maker Ajinomoto plunged 10.2 percent despite raising its annual net profit forecast. Machinery maker Hitachi Zosen rallied 4.3 percent after lifting its annual profit forecast.

South Korea's Kospi average tumbled 2.33 percent to close at 2,443.96 after rallying by the most in over three years on Monday due to the reimposition of a ban on short selling.

Australian markets finished modestly lower after the Reserve Bank of Australia lifted the official cash rate by 25 bps to 4.35 percent, as widely expected, in its bid to control persisting inflation.

The benchmark S&P/ASX 200 slipped 0.29 percent to 6,977.10 while the broader All Ordinaries index closed 0.22 percent lower at 7,176.60.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended down 0.33 percent at 11,223.86.

U.S. stocks eked out modest gains overnight after last week's strong rally on hopes the Fed is done with its monetary tightening.

The tech-heavy Nasdaq Composite inched up 0.3 percent to notch seven days of gains for the first time since January while the Dow and the S&P 500 edged up 0.1 percent and 0.2 percent respectively to extend gains for a sixth day.