Tuesday saw a decline in most Asian markets, following Wall Street's overnight downturn due to wagers that interest rates would stay high due to the strength of the US labour market.

Chinese markets did remarkably better than those of its counterparts, surging substantially as trade picked back up after a week-long break and as investors responded to Beijing's flurry of stimulus measures.

Wall Street gave a poor lead-in to other Asian markets, plunging steeply as traders priced in the possibility of a lower rate cut in November. Asian trade saw a tepid response from U.S. stock index futures.

Tuesday's largest losses were seen in Asian technology equities, which followed the overnight decline in their American counterparts due to regulatory concerns and unfavourable remarks from analysts.

After opening up as high as 13%, China's Shanghai Shenzhen CSI 300 and Shanghai Composite indices increased between 6% and 8% in early trade.

After the Golden Week vacation, trade picked back up, with investors piling into Chinese markets following Beijing's announcement of a number of significant stimulus plans aimed at accelerating economic development.

Later on Tuesday, a conference will be held by Chinese authorities to discuss their plans for more stimulus measures.

The Chinese government had implemented a number of stimulus programs before to the Golden Week vacation, including lower interest rates, fewer reserve requirements for banks, more lax property market regulations, and stock market-focused liquidity initiatives.

Other than China, all Asian markets sank on Tuesday, mirroring Wall Street's overnight decline. U.S. equities plummeted on Monday as speculations on a slower rate of rate cuts by the Federal Reserve were stoked by signs of resilience in the labour market, as seen by stronger-than-expected nonfarm payrolls data.

Technology-related equities had the most losses, particularly following Monday's losses at Apple, Amazon, and Alphabet, three big U.S. companies.

Due to significant profit-taking, Hong Kong's Hang Seng index fell by about 4% on Tuesday after rising to a record high of more than a year earlier on hopes for Chinese stimulus measures.

The TOPIX index dropped 1.1%, and the Nikkei 225 in Japan sank 1.2%. While data indicated a little slowdown in wage growth in August, consumer expenditure in Japan remained high, which would support inflation expectations.

(Sources: investing.com, reuters.com)