Asian stocks markets closed on lower notes on Wednesday, led by a significant drop in Chinese markets. Meanwhile, investors digested the Yuan’s move lower amid trade worries as oil prices rose.
Mainland China markets are languishing in bear market territory as investor concerns over an ongoing trade dispute between Washington and Beijing and a slowing economy weigh on sentiment
Over to the economy, an easing domestic economy has also led to some concern among investors, That also comes on the back of May economic data, including fixed-asset investment growth and retail sales, missing expectations suggest a possible slowdown in the Chinese economy.
Furthermore, losses in the mainland markets also came as the Chinese currency extended its losses against the dollar. The People’s Bank of China set the official yuan midpoint at its lowest level in six months on Wednesday.
Primary benchmark Shanghai Composite tumbled 1.11 percent to close at 2,812.87 pressured by significant losses across most sector with the energy sector being then the only exception. Meanwhile, the smaller Shenzhen SE Composite lost 1.29 percent to end the session in at 1,575.57 as losses in all sectors weighed on the broader market.
In Hong Kong, equities also declined as Hang Seng index fell by 1.82 percent or 525.14 points to settle at 28,356.26 pressure loser by losses in all sectors, most notably the significant losses in its healthcare sector pull prices lower.
In South Korea, equities closed today’s trading session in the red, as Seoul’s main index KOSPI fell by 0.38 percent to close lower at 2,342.03, as gains in blue-chips helped limit the benchmark’s decline, Samsung Electronics, and SK Hynix jumped 2.02 percent and 1.07 percent, respectively.
Japanese Stock Market:
Tokyo’s primary benchmark Nikkei 225 index edged lower despite the positive lead from Wallstreet, down by 0.31 percent to trade at 22,271.77, as losses across most sectors offset gains in its energy sectors.
In major exporters, Canon and Panasonic lost nearly 4 percent and 1 percent, respectively, while Sony is rose by more than 1 percent and Mitsubishi Electric is adding nearly 1 percent.
Toyota lost almost 1 percent, and Honda fell 2 percent. Meanwhile, among oil stocks, Japan Petroleum Exploration advanced more than 2 percent, while Inpex is lower by 0.7 percent.
In the Forex market, the U.S Dollar fell against the Japanese Yen to trade at 109.887 USDJPY at 13:00 GMT.
Australian Stock Market:
Australian stocks were nearly unchanged on Wednesday, with Sydney’s primary benchmark S&P/ASX200 edging lower by 0.03 percent to trade at 6,195.9 at the close.
BHP Billiton rose more than 2 percent, Rio Tinto added 0.4 percent and Fortescue Metals is up 0.3 percent, as Mining stocks were bolstered from higher oil prices.
In the oil sector, Woodside Petroleum and Oil Search is adding more than 1 percent and 2 percent, respectively. Lifted by a rise in crude oil prices to above $70 a barrel overnight.
Woodside Petroleum’s chief executive said that the company would decide soon whether to continue to invest in Sempra Energy’sPort Arthur liquefied natural gas export project in Texas.
In the currency market, the Aussie Dollar fell against the U.S. Dollar to trade at 0.73799 AUDUSD at 13:00 GMT.