Asia-Pacific markets closed mostly lower Wednesday, tracking Wall Street declines overnight, as investors parsed Japan’s trade data and China’s loan prime rate decision.
In Japan, the Nikkei crumbled 657.74 points, or 1.5%, to 42,888.55. Shares of SoftBank Group plunged as much as 9.17% Wednesday, as technology stocks in Asia declined, tracking losses in U.S. peers overnight.
Japan’s exports dropped 2.6% year over year in July, notching their steepest drop in over four years. The fall was sharper than the 2.1% contraction forecast in a Reuters poll and compared with a 0.5% decline in June.
The Japanese tech-focused investment firm saw shares drop for a second consecutive session, following its announcement of a $2 billion investment in Intel. Intel shares rose 6.97% to close at $25.31 Tuesday stateside.
In Hong Kong, the Hang Seng retreated 53.95 points, or 0.2%, to 25,122,90.
CHINA
In Shanghai, the CSI 300 regained 48.02 points, or 1.1%, to 4,271.39.
China left its key lending rates steady in August for a third straight month, matching market forecasts.
Shares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its Labubu dolls.
Pop Mart was trading above 8% as of noon local time, after dropping as much as 4.7% at the start of the session.
In other markets
In Singapore, the Straits Times index inched up 3.35 points, or 0.1%, to 4,219.54
In Korea, the Kospi lost 25.72 points, or 0.8%, to 3,151.56.
In Taiwan, the Taiex index faded 21.47 points, or 0.7%, to 23,625.44.
In New Zealand, the NZX 50 shot ahead 142.62 points, or 1.1%, to 13,071.30
In Australia, the ASX 200 reattached 21.82 points, or 0.7%, to 8,917.97.
