Nikkei down, but stocks in Hong Kong, Shanghai advance
Asian markets were mixed in early trading Wednesday as investors remained unnerved about the global economic outlook.
U.S. Treasury yields saw little change Tuesday as the bond rally paused, while new data Wednesday showed China’s industrial profits dropped sharply in the first two months of the year, raising worries of a slowdown.
The U.S. and China will resume high-level trade talks Thursday in Beijing, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin attending the negotiations in Beijing.
Japan’s Nikkei NIK, -0.23% fell 0.6%, while Hong Kong’s Hang Seng HSI, +0.56% rose 0.5%. The Shanghai Composite SHCOMP, +0.85% gained 0.6% and South Korea’s Kospi SEU, -0.15% advanced 0.1%. Singapore’s benchmark index STI, -0.06% gained, while stocks fell in Taiwan Y9999, -0.16% and Indonesia JAKIDX, +0.92% . Australia’s S&P/ASX 200 XJO, +0.09% retreated 0.2%, and New Zealand’s NSX-50 NZ50GR, +1.30% gained after that country’s central bank issued a dovish outlook, citing a higher risk of a global downturn, and said its next move would likely be an interest-rate cut.
Among individual stocks, Nissan 7201, -3.50% , Toyota 7203, -2.03% and Subaru 7270, -3.58% slumped in Tokyo trading. In Hong Kong, CNOOC 0883, +3.91% and Sands China 1928, +2.93% rose, and LG Electronics 066570, +0.82% and SK Hynix 000660, +0.96% advanced in Korea. Rio Tinto RIO, +1.52% and Beach Energy BPT, +2.76% rose in Australia.