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Asian Equities Mixed; Nikkei Rises on Softer Yen

Stock MarketsMar 28, 2018 09:42PM ET
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© Reuters. Asian equities were mixed in morning trade on Thursday – Asian equities were mixed in morning trade on Thursday as technology shares remained weak.

The dollar gained as data showed a better-than-expected U.S. economic growth. Gold traded lower while the yen tumbled. Technology shares continued to slide amid potential regulatory crackdown on data privacy and antitrust concerns.

Trade concerns continued to receive moderate focus as S&P raised level of trade geopolitical tensions to high.

Overnight, the S&P 500 slipped 0.3%, while the Dow and the Nasdaq fell 0.1% and 0.9% respectively.

Japan’s Nikkei 225 outperformed its regional peers and jumped 1% by 9:38PM ET (01:38 GMT), with a weaker yen being cited as supportive. Softbank Corp. (T:9984) made headlines after the company is reportedly eyeing a $9.6 billion investment in Swiss Re AG (SIX:SRENH). Sony Corp (T:6758)’s shares fell 1.7% after the company announced a price cut on its VR devices. Meanwhile, Takeda Pharmaceutical Co., Ltd. (T:4502) is considering a bid for the UK-listed Shire (LON:SHP), according to reports.

Japan is seeking a bilateral summit with the North Korean government, and Pyongyang has discussed the possibility of a leaders' meeting with Japan and other countries, Japan's local media reported on Thursday.

China’s Shanghai Composite opened 0.4% higher while the Shenzhen Component remained flat. Anbang’s former chairman Wu Xiaohui was accused to be involved in a $10.4 billion fraud, reports on Wednesday said. Ping An Insurance (HK:2318) is said to be planning a listing for its unit OneConnect.

Hong Kong’s Hang Seng Index opened 0.4% higher but trading is expected to remain subdued with investors wrapping up ahead of the Easter holiday.

Elsewhere, KOSPI slipped 0.1% in morning trade. Hyundai Glovis (KS:086280) surged 7.1% while Hyundai Mobis (KS:012330) plunged 6% following reports that Hyundai Motor Group is planning an ownership restructuring.

Down under, Australia’s S&P/ASX 200 slipped 0.2% after swinging in and out of positive territory during the morning.

Asian Equities Mixed; Nikkei Rises on Softer Yen

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