The prospect of fresh support measures has caused a rise in Chinese building - Asia Market Wrap

- The Australian currency rose after the country's central bank startled markets by boosting interest rates above expectations to battle inflation. Asian markets climbed on Tuesday, with gains by Hong Kong developers helping to offset a slowdown in the global stock surge.

- The Australian dollar rose by up to 0.9%, while the policy-sensitive 3-yr government note yield rose by 8 bps after the RBA raised its benchmark rate by 25 bps to 4.1%. The RBA stated that inflation was still too high and that more monetary policy tightening may be warranted. Australian stocks extended their losses.

- The Hang Seng Index surged as much as 1.4% in Asia, boosted by a rally in real estate developer shares on anticipation of further support measures for the sector. Both subsequently reduced their gains.

- Futures for US benchmarks were stable after tech stocks led the S&P 500 lower on Monday, with Apple wiping out gains of up to 2% as investors weighed the possibilities of a new mixed-reality headset.