Japanese stocks snapped a seven-day winning streak with Hong Kong falling to a two-month low

Most Asia-Pacific markets fell on Tuesday as talks between US President Joe Biden and House Speaker Kevin McCarthy ended without an agreement.

House Speaker Kevin McCarthy said it had a “productive” and “professional” meeting, and “I think the tone tonight was better than any other night we’ve had debates,” McCarthy said outside the West Wing after the hour-long meeting.

A special survey released on Tuesday showed that Japanese factory activity expanded in May for the first time since October 2022, while Singapore’s inflation in April registered a higher-than-expected 5.7%.

in Japan , Nikkei 225 index It closed down 0.42% at 30,957, snapping its seven-day winning streak. The Topix closed down 0.66%, at 2,161.49. Both indices erased the gains made earlier in the day.

in Australia , S&P/ASX 200 It rose 0.1% to close at 7,270.8 as the country’s composite PMI expanded weakly in May, according to Juno Bank.

South Korea’s Kospi Index rose 0.41%, ending at 2567.55 and the Kosdaq closed Tuesday 0.84% ​​higher at 859.16.

Hong Kong’s Hang Seng reversed previous gains and fell 1.27% to 19,428.08, its lowest close since March 21, while mainland Chinese markets also fell. The Shanghai Composite Index closed down 1.52% at 3246.24 while the Shenzhen Composite Index closed down 1.03% at 11012.58.

Overnight in the US, the three major indices finished the session mixed, with the Nasdaq Composite up 0.5% and closing at its highest close and highest intraday level since August.

Separately, the S&P 500 rose 0.02% on Monday, but the Dow Jones Industrial Average lost 0.42%.

— CNBC’s Samantha Sobin and Jesse Pound contributed to this report