From Asian Side Japan’s Nikkei Pares Gains
Asian equities were mixed on Wednesday, with Chinese stock markets plunging while Japanese stocks ended in the green thanks to support from a weaker yen.
Shanghai/Tokyo – Stocks across Asia were trading mixed on Wednesday, paring earlier stronger gains, with markets in China falling sharply, while a falling yen helped to lift the mood in Japan.
The Shanghai Composite index fell 2.31% to end at 2,972.58, while the Shenzhen Composite index lost 4.43% to 1,871.51, and the CSI 300 index declined 1.77% to 3,181.03 at the closing bell.
Moreover, Hong Kong’s benchmark Hang Seng index lost 0.93% to close the day at 21,236.31.
As for other markets, Japan’s benchmark Nikkei 225 index closed the day 0.19% higher at 16,906.54, after climbing over the psychological level of 17,000 earlier in the session. It hit an intraday high of 17,099.36, the strongest reading since March 29.
The Topix index was 0.20% up at 1,365.78 at the closing bell.
The weakening Japanese yen continued as a catalyst for exporters for the second straight day, with most carmakers and material stocks among the top gainers. Shares of real estate companies grew as well.
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On the flip side, Mitsubishi Motors tumbled over 16% after saying it will brief about misconduct in its fuel economy tests, while game company Konami and entertainment company Tokyo Dome both slumped nearly 7%.
On the economic front, Japanese exports slid 6.8% year-on-year in March and imports plunged 14.9%, a worsening from a month ago, but coming in better than the market had forecast.
The trade surplus grew to a five-year high of ¥755 billion in March, from ¥242.8 billion a month before, but weaker than the market forecast of ¥834.6 billion.
Senior Japan economist (From Asian side) Marcel Thieliant from Capital Economics said that “the slump in export values is weighing on firms’ revenues and may undermine their willingness to invest and lift wages.”
In Australia, the benchmark S&P/ASX 200 index closed 0.42% elevated at 5,210.70, with shares of resources and oil companies helping to lift the mood. Precious metal miners climbed as gold jumped overnight but turned back to losses on Wednesday.
Oil prices rallied a day before, but fell steeply after news US stockpiles grew more than expected and oil workers in Kuwait ended a strike that will lead to resuming its crude output.
As for other news, Reserve Bank of Australia Governor Glenn Stevens said on Tuesday that central banks may be reaching the limits of what can be achieved through monetary policy.
New Zealand’s benchmark S&P/NZX 50 index gained 0.41% to end at 6,901.26, while South Korea’s benchmark Kospi index ended the day 0.28% lower at 2,005.82.
The author of this news wbponline.com