Nikkei 225 slid 0.3% to 38,300.81, Hang Seng gained 1.7% to 20,841.73, the Shanghai Composite added 0.8% to 3,311.87, S&P/ASX 200 was almost unchanged at 8,207.20 and Kospi was up 1.3% at 2,594.23
Asian stocks were mixed on Wednesday under pressure from a rising U.S. dollar and the uncertainties over the U.S. election.
In Asia, Japan’s benchmark Nikkei 225 slid 0.3% to 38,300.81 as the dollar rose against the Japanese yen.
Tokyo Metro Co.’s stock soared 43% during its trading debut on early Wednesday. The company raised 348.6 billion yen ($2.3 billion) in its IPO, making it Japan’s largest IPO since SoftBank Corp. went public in 2018.
Chinese markets gained for a second day after the central bank cut its one-year and five-year Loan Prime Rates (LPR) on Monday. Hong Kong’s Hang Seng gained 1.7% to 20,841.73, and the Shanghai Composite added 0.8% to 3,311.87.
State media have reported that a state-backed think tank has proposed issuing 2 trillion yuan ($281 billion) in special government bonds to create a market stabilization fund aiming to further ease the hidden debt pressures and inject confidence into the market.
Yet, despite the bold proposal, there is a sense that Beijing remains in reactionary mode, playing catch-up rather than getting ahead of the game, Stephen Innes, managing partner at SPI Asset Management, said in a commentary.
Elsewhere, Australia’s S&P/ASX 200 was almost unchanged at 8,207.20. South Korea’s Kospi was up 1.3% at 2,594.23.
Taiwan’s Taiex slid 0.8%, while the Sensex in India added 0.2%.
On Tuesday, the S&P 500 edged down less than 0.1% to 5,851.20. The Dow Jones Industrial Average slipped less than 0.1% to 42,924.89. The Nasdaq composite gained 0.2% to 18,573.13.
Stocks have slowed their record-breaking momentum this week under increasing pressure from rising Treasury yields in the bond market.
