• Chinese equities slipped as a reduction in the nation’s mortgage reference rate failed to dispel the gloom surrounding the world’s no. 2 economy. The dollar tracked a rise in US yields.
• Stocks on the mainland and in Hong Kong slipped, while those in Japan reversed early gains. Benchmarks in Australia and South Korea also retreated. Futures for the Nasdaq 100 were lower after US markets were shut Monday for a holiday.
• The moves in Chinese equities came after domestic banks cut a key reference rate for mortgages by a record amount, a sign that the nation was ramping up support for the property sector in a bid to revive demand. An index of China developer stocks initially jumped but quickly unwound the bulk of the gains.