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Asian markets down despite Wall Street highs Shanghai Composite sees sharp fall
(about 1 hour later)
Asian markets fell back despite big gains on Wall Street on Monday, which saw US indexes closing at record highs. Shares in China fell sharply on Tuesday, as investors took profits after recent strong rises.
The Dow Jones rose 0.9% to 17,959.4, while the S&P 500 gained 0.4% to 2,078.5 - both breaking records. The Shanghai Composite ended the day down 94.83 points, or 3%, at 3,032.61, while in Hong Kong the Hang Seng index fell 74.88 points to 23,333.69.
However, trading was thin in Asia with the region's biggest market - Japan - closed for a public holiday. Shares in property developer Dalian Wanda fell 2.6% on its first day of trading, after the biggest Hong Kong listing since 2010.
In Chinese markets, the Shanghai Composite fell 1.2% to 3,089.83 while in Hong Kong, the Hang Seng index was flat at 23,398.43.
Shares of property developer Dalian Wanda were down 7% on its first day of trading, after the biggest Hong Kong listing since 2010 which raised $3.7bn (£2.3bn).
Concerns about debt and a high valuation weighed on its share debut.Concerns about debt and a high valuation weighed on its share debut.
In general, trading was thin across Asia with the region's biggest market - Japan - closed for a public holiday.
In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions.In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions.
News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors.News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors.
Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m.Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m.
In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02.In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02.