Investing.com – Asian stocks were mixed on Wednesday as shares in the commodity sector led markets lower, while Japanese exporters declined as a stronger yen dimmed profit prospects.
During late Asian trade, Hong Kong's Hang Seng Index climbed 0.22%, South Korea's Kospi Composite jumped 1.14%, while Japan’s Nikkei 225 Index fell 0.60%.
Shares in the commodity sector were broadly lower as metal and crude oil prices hovered near multi-month lows.
Shares in Japan’s largest oil and gas explorer Inpex slumped 1.33%, metal producer Sumitomo Metal Mining saw shares tumble 2.35%, while shares in the nation’s largest commodities trader Mitsubishi Corporation fell 1.71%.
Meanwhile, shares in many of the big name Japanese exporters declined as the yen strengthened, dampening the outlook for export earnings.
Shares in electronics giant Sony dropped 1.85%, the nation’s largest automaker Toyota saw shares slide 1.88%, while rival Nissan Motor, which gets approximately 60% of its revenue abroad lost 1.3%.
Elsewhere, shares in Japan’s third largest pharmaceutical firm Eisai tumbled 4.98% after its experimental drug to treat severe sepsis failed and at least four brokerages cut their investment ratings.
Shares in rival Mitsubishi Tanabe Pharma Corporation plunged 5.49% after a report in the Asahi newspaper said the company sold injection drugs without properly testing them.
In Hong Kong, shares in the financial sector performed strongly after the China Business News reported that bank lending in Hong Kong totaled 1.2 trillion yuan in December.
Shares in China Construction Bank surged 1.74%, China Merchants Bank saw shares rally 3.41%, while shares in Bank of China jumped 0.89%.
Elsewhere, shares in South Korea were boosted after official data showed that the nation’s economy grew more-than-expected in the fourth quarter, expanding by 0.7%, beating expectations for growth of 0.1%. The data showed that year-on-year GDP rose by 6.1% in the fourth quarter, the highest in eight years.
The outlook for European equity markets, meanwhile, was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.11%, France’s CAC 40 futures indicated an increase of 0.04%, the FTSE 100 futures pointed to a rise of 0.25%, while Germany's DAX futures were up 0.13%.
Later in the day, the Federal Reserve was to announce its Federal Funds Rate which will coincide with the publication of the bank’s interest rate statement. The country was also to publish official data on new home sales.
During late Asian trade, Hong Kong's Hang Seng Index climbed 0.22%, South Korea's Kospi Composite jumped 1.14%, while Japan’s Nikkei 225 Index fell 0.60%.
Shares in the commodity sector were broadly lower as metal and crude oil prices hovered near multi-month lows.
Shares in Japan’s largest oil and gas explorer Inpex slumped 1.33%, metal producer Sumitomo Metal Mining saw shares tumble 2.35%, while shares in the nation’s largest commodities trader Mitsubishi Corporation fell 1.71%.
Meanwhile, shares in many of the big name Japanese exporters declined as the yen strengthened, dampening the outlook for export earnings.
Shares in electronics giant Sony dropped 1.85%, the nation’s largest automaker Toyota saw shares slide 1.88%, while rival Nissan Motor, which gets approximately 60% of its revenue abroad lost 1.3%.
Elsewhere, shares in Japan’s third largest pharmaceutical firm Eisai tumbled 4.98% after its experimental drug to treat severe sepsis failed and at least four brokerages cut their investment ratings.
Shares in rival Mitsubishi Tanabe Pharma Corporation plunged 5.49% after a report in the Asahi newspaper said the company sold injection drugs without properly testing them.
In Hong Kong, shares in the financial sector performed strongly after the China Business News reported that bank lending in Hong Kong totaled 1.2 trillion yuan in December.
Shares in China Construction Bank surged 1.74%, China Merchants Bank saw shares rally 3.41%, while shares in Bank of China jumped 0.89%.
Elsewhere, shares in South Korea were boosted after official data showed that the nation’s economy grew more-than-expected in the fourth quarter, expanding by 0.7%, beating expectations for growth of 0.1%. The data showed that year-on-year GDP rose by 6.1% in the fourth quarter, the highest in eight years.
The outlook for European equity markets, meanwhile, was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.11%, France’s CAC 40 futures indicated an increase of 0.04%, the FTSE 100 futures pointed to a rise of 0.25%, while Germany's DAX futures were up 0.13%.
Later in the day, the Federal Reserve was to announce its Federal Funds Rate which will coincide with the publication of the bank’s interest rate statement. The country was also to publish official data on new home sales.