Stocks mostly higher, China markets pop

Mainland China markets popped on Tuesday afternoon while shares in the Asia-Pacific were mostly higher after seeing sharp falls on Monday.

The Shanghai Composite in mainland China rose 1.40% to 3,093.86 and the Shenzhen Component was 1.939% higher at 11,175.12. Data from Refinitiv Eikon showed healthcare, education and consumer non-cyclical stocks were rising.

Liquor-maker Kweichow Moutai added 1.34%, while Wuliangye, another manufacturer, jumped 5.38%.

The CSI 300 index, which tracks the largest mainland-listed stocks, was 1.45% higher at 3,892.30.

The Nikkei 225 in Japan rose 0.53% to 26,571.87, and the Topix index gained 0.47% to 1,873.01. In Australia, the S&P/ASX 200 added 0.41% to 6,496.20.

South Korea’s Kospi struggled for direction and closed 0.13% higher at 2,223.86, while the Kosdaq added 0.83% to 698.11. In Hong Kong, the Hang Seng index was flat in the final hour of trade.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.41%. China’s industrial profits for January to August fell 2.1% from the same period a year ago, official data showed.

Overnight in the U.S., major stock indexes dropped. The S&P 500 slipped 1.03% to 3,655.04, a new closing low for 2022. The Dow Jones Industrial Average fell into a bear market after it lost 329.60 points, or 1.11%, to 29,260.81. The Nasdaq Composite shed 0.6% to 10,802.92.

“The sell-off in bonds and equities continued as sterling’s weakness highlighted the fragility of markets to policy uncertainty,” ANZ Research analysts wrote in a Tuesday note, a day after the pound hit a record low.

— CNBC’s Sarah Min and Tanaya Macheel contributed to this report.