Asia Pacific Shares Slip; Japan revises GDP estimate for the second quarter
SINGAPORE – Asia Pacific stocks were mixed in trading Wednesday morning as data showed Japan’s economy grew faster than previous estimates.
Hong Kong’s Hang Seng index rose 0.72%. Investors watched shares in China Evergrande Group, which fell 0.56% in trading Wednesday morning.
The competitive property developer’s stock is down more than 8% so far this week, continuing the decline since last week after warning it could default.
Moody’s Investors Service downgraded its rating on Tuesday, citing “increased liquidity and default risks”. The rating agency Fitch also followed on Wednesday morning with a downgrade of Evergrande.
Mainland stocks were higher, with the Shanghai composite up 0.19% and the Shenzhen component up 0.285%.
Elsewhere, South Korea’s Kospi lost 0.25% while the S & P / ASX 200 in Australia lost 0.27%.
In Japan, the Nikkei 225 rose 0.48% while the Topix index rose 0.51%.
Japan’s economy posted 1.9% annualized growth, higher than its original estimate of 1.3% growth, revised government data showed on Wednesday.
MSCI’s broadest index for Asia Pacific stocks outside of Japan traded 0.12% higher.
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Overnight, the Dow Jones Industrial Average fell 269.09 points to 35,100, while the S&P 500 fell 0.34% to 4,520.03. The Nasdaq Composite rose slightly to 15,374.33.
The mixed moves in the states came as concerns about the potential economic blow of the Delta variant weighed on investor sentiment, and Goldman Sachs downgraded its outlook for US economic growth over the weekend.
Bitcoin’s price fell over $ 52,000 after a recent surge. It last traded at $ 47,046.28 on Tuesday at 9:53 p.m. ET, according to Coin Metrics. The volatile price movements of the cryptocurrency occurred when El Salvador became the first country to officially introduce Bitcoin as legal tender on Tuesday.
The US dollar index, which tracks the greenback versus a basket of its competitors, hit 92.484 after rising below 92.4 recently.
The Japanese yen was trading at 110.28 per dollar, weaker than yesterday against the greenback below 109.8. The Australian dollar changed hands at $ 0.7401 after falling above $ 0.744 yesterday.
Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent crude oil futures rising 0.21% to $ 71.84 a barrel. US crude oil futures rose 0.45% to $ 68.66 a barrel.