Investing.com - Asian stocks were mixed during Wednesday’s session following some regional data points, although most market observers still see upside for riskier assets through year-end.
In Asian trading Wednesday, Japan’s Nikkei 225 gained 0.83%. Canon reported strong profits due to the weak yen. The broader Topix also traded higher.
Hong Kong’s Hang Seng rose 0.17% while the Shanghai Composite inched up 0.01%. The Shanghai Composite is off more than 5% this year and trades at one of the lowest valuations in the emerging world. Financial services names were among the laggards in China Wednesday amid lingering fears the central bank there will pursue tighter monetary policy.
Australia’s S&P/ASX 200 lost 0.1% even after the Australian Bureau of Statistics said the country’s trade deficit narrowed to AUD284 million in September from AUD693 million in August. Economists expected a September deficit of AUD500 million.
Market observers believe the shrinking deficit is evidence of the mining sector continuing to support the world’s 12th-largest economy and that there is a possibility of a small surplus early next year.
New Zealand’s NZSE 50 rose 0.12% after Statistics New Zealand said the country’s employment change rose 1.2% in the third quarter after a second-quarter increase of 0.4%. Economists expected a third-quarter increase of 0.6%.
New Zealand’s unemployment rate fell to 6.2% in the third quarter from 6.4% in the prior quarter. Economists expected a third-quarter reading of 6.3%.
Statistics New Zealand added that New Zealand’s labor cost index was unchanged at 0.4% last quarter. Economists expected a third-quarter reading of 0.5%.
In U.S. economic news out Tuesday, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 55.4 in October from 54.4 in September, beating forecasts for a 54.0 reading. Readings above 50 indicate expansion.
South Korea’s Kospi nudged up 0.06% while Singapore’s Straits Times Index dropped 0.08%. S&P 500 futures jumped 0.48% a day after the benchmark U.S. index lost 0.28%.
In Asian trading Wednesday, Japan’s Nikkei 225 gained 0.83%. Canon reported strong profits due to the weak yen. The broader Topix also traded higher.
Hong Kong’s Hang Seng rose 0.17% while the Shanghai Composite inched up 0.01%. The Shanghai Composite is off more than 5% this year and trades at one of the lowest valuations in the emerging world. Financial services names were among the laggards in China Wednesday amid lingering fears the central bank there will pursue tighter monetary policy.
Australia’s S&P/ASX 200 lost 0.1% even after the Australian Bureau of Statistics said the country’s trade deficit narrowed to AUD284 million in September from AUD693 million in August. Economists expected a September deficit of AUD500 million.
Market observers believe the shrinking deficit is evidence of the mining sector continuing to support the world’s 12th-largest economy and that there is a possibility of a small surplus early next year.
New Zealand’s NZSE 50 rose 0.12% after Statistics New Zealand said the country’s employment change rose 1.2% in the third quarter after a second-quarter increase of 0.4%. Economists expected a third-quarter increase of 0.6%.
New Zealand’s unemployment rate fell to 6.2% in the third quarter from 6.4% in the prior quarter. Economists expected a third-quarter reading of 6.3%.
Statistics New Zealand added that New Zealand’s labor cost index was unchanged at 0.4% last quarter. Economists expected a third-quarter reading of 0.5%.
In U.S. economic news out Tuesday, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 55.4 in October from 54.4 in September, beating forecasts for a 54.0 reading. Readings above 50 indicate expansion.
South Korea’s Kospi nudged up 0.06% while Singapore’s Straits Times Index dropped 0.08%. S&P 500 futures jumped 0.48% a day after the benchmark U.S. index lost 0.28%.