Asia Markets: Asian markets continue to rebound, chipping away at monthly losses

Asia-Pacific markets largely advanced Tuesday following gains on Wall Street overnight, as global equities continued reversing this month’s declines.

Chinese large caps were a major weak spot, with the Shanghai Composite Index SHCOMP, -1.11% and CSI 300 each down about 1% midday, causing Hong Kong’s stock benchmark HSI, -0.31% to nearly erase its near-1% gains.

Small-cap stocks extended Monday’s outperformance. The ChiNext Price Index rose an additional 1% after jumping 3.6% a day earlier, its biggest gain in seven months.

The stock moves in China come as mainland investors are still digesting news that the Communist Party plans to remove term limits on the country’s presidency, potentially allowing Xi Jinping to remain in power indefinitely.

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