South Korea slips as it leads Asia-Pacific losses; oil drops more than 3%

The S&P/ASX 200 in Australia declined 0.18%. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 1.34%.

Major indexes in the U.S. jumped on Tuesday after weeks of declines. The Dow Jones Industrial Average gained 641.47 points or 2.15% to 30,530.25, while the S&P 500 rose 2.45% to 3,764.79. The tech-focused Nasdaq advanced 2.51% to 11,069.302.

“The rebound in U.S. equities overnight … will be taken with a pinch of salt as elevated inflation and risks to growth persist,” Lavanya Venkateswaran, an economist at Mizuho Bank, said in a note.

“If you are a global investor and you’re seeking a diversification of risk in your portfolio, what’s very interesting is that the dependency of, let’s say the Chinese equity market, on what’s happening in the U.S. is becoming less and less,” said Jim McCafferty, joint-head of APAC equity research at Nomura.

The U.S. dollar index, which tracks the greenback against a basket of its peers, last traded at 104.590.