Most Asian equities flashed red on Tuesday, pressured by losses in Chinese shares as investors evaluated China’s re-opening story in the face of negative economic and geopolitical forces.

Asian shares finished mixed on Tuesday, shrugging off the initial boost from China’s better-than-expected Q1 GDP as signs of an uneven recovery stalled risk taking. The world’s second largest economy smashed forecasts by expanding 4.5% in the first quarter from a year earlier.

Asian shares traded mostly lower on Tuesday along with US and European futures as investors adopted a cautious approach ahead of the reopening of the US markets after the President’s Day holiday.

The Australian Dollar has been the best-performing G10 currency against the US dollar so far in 2023.