** China's blue-chip CSI300 Index lost 0.90%,
while the Shanghai Composite Index dipped 0.47%.
** The Hang Seng Index was down 0.51%, while the Hang
Seng China Enterprises Index dropped 1.33%.
** Wider Asian share markets followed Wall Street into the
red as surprising strength in global surveys of services stoked
fears that central banks would have to lift rates further.
** U.S. President Joe Biden and Russian President Vladimir
Putin have been sparring verbally, presenting starkly different
views of the world and the Ukraine war — Biden promising to
defend democracies and Putin asserting the West was a threat to
Russia.
** China's top diplomat told one of Putin's closest allies
on Tuesday Beijing's relationship with Moscow was "rock solid".
Chinese leader Xi Jinping is preparing to visit Moscow for a
summit with Putin in the coming months, the Wall Street Journal
reported.
** In Hong Kong, Financial Secretary Paul Chan said the
city's economy is expected to rebound 3.5%-5.5% this year after
shrinking 3.5% in 2022.
** Timothy Moe, chief Asia-Pacific equity strategist at
Goldman Sachs maintains a positive view on Chinese equities,
highlighting the stocks are still trading 40-45% below the peak
in early 2021.
** "The valuation is about 10.8 times earnings, which has come back to levels that are certainly much more reasonable and affordable," Moe told a media briefing, adding that China A-shares would have the lowest correlation to U.S. equity weakness within Asia.
** Telecom stocks lost momentum, falling 2.3%
to lead the decline, new energy vehicles slid 1%.
** Tech giants listed in Hong Kong extended
weakness to lose 1.4%.
(Reporting by Summer Zhen; editing by Uttaresh.V and Rashmi
Aich)
