Asian Stocks Rise on China Tech Surge, Japan Growth Beats Forecasts

Hong Kong, January 10, 2023 (AP) - Asian markets closed mostly higher on Tuesday, led by a surge in Chinese tech stocks.

China

* Hang Seng Index: +1.64%, 22,986.88
* Shanghai Composite Index: +0.15%, 3,360.95

Chinese technology companies rallied after President Xi Jinping met with industry leaders, signaling support for the sector. Alibaba, Xiaomi, Tencent, and Meituan all gained over 4%.

Japan

* Nikkei 225: +0.39%, 39,296.11

Japan's Nikkei index rose after economic growth for the fourth quarter exceeded expectations.

Australia

* S&P/ASX 200: -0.53%, 8,491.70

Australian stocks slipped, led by losses in the financial and mining sectors.

South Korea

* Kospi: +0.43%, 2,621.73

South Korean stocks gained, supported by strength in technology and healthcare shares.

Key Drivers

Analysts cite several factors driving market sentiment:

* Improved US-China relations, with limited tariffs imposed so far.
* Emergence of DeepSeek as a rival to US AI models in China.
* Nervousness over potential tariff increases from the US.

Energy and Currency

* US crude oil: +54 cents, $71.25 per barrel
* Brent crude oil: +2 cents, $75.24 per barrel
* US dollar: Strengthened against the yen (151.91 JPY)
* Euro: Weakened against the dollar ($1.0465)