Asian stocks closed mixed on Wednesday as the overnight bounce on Wall Street stalled. Recent concerns over trade tensions also persisted amid new China-U.S. trade developments.
The Nikkei 225 Index nicked up 27.26 points, or 0.1%, to 21,319.55. Automakers were higher on the back of strong U.S. auto sales reported overnight, with Toyota edging up by 0.1% while bank stocks came under pressure.
The U.S. dollar held above 106 yen, although the greenback was slightly softer compared to levels around the 106.6 handle seen in the last session. The dollar traded at 106.56 yen late in the day.
In Hong Kong, the Hang Sang index collapsed 661.41 points, or 2.2%, to 29,518.69. Slight gains in consumer goods, seen as a defensive sector, were offset by losses in technology stocks, industrials and financials.
Blue chips posted declines ahead of the market close: Heavyweight Tencent was down 2.1% and HSBC slid 0.8%.
Korean markets plunged, weighed down by declines in the technology sector as index bellwether Samsung Electronics lost 2.5%
Steelmakers were also mostly lower, with Posco sliding 2.3%.
In corporate news, Elliott Advisors, an arm of activist hedge fund Elliott Management, said it had a stake worth more than $1 billion U.S. in three affiliates of Hyundai Motor Group. Some media reported that Elliott was pushing for corporate governance improvement.
Shares of Hyundai Motor hiked nearly 3%,, Hyundai Mobis was up 3.5%, and Kia Motors rose 2.5%.
CHINA
In Shanghai, the CSI 300 fell 7.62 points, or 0.2%, to 3,854.86
The declines on Wednesday came as trade tensions, which have recently been in the spotlight, continued to simmer: The U.S. Trade Representative's office published its proposed list of around 1,300 Chinese imports that could be hit with tariffs.
In response, China said via an embassy statement it opposed the additional tariffs proposed and that "it is only polite to reciprocate.” China's ambassador to the U.S. also told the media on Wednesday that his country would "fight back" against the latest measures.
In other markets
Markets in Taiwan were shuttered for holiday
In Korea, the Kospi slid 34.37 points, or 1.4%, to 2,408.06
In Singapore, the Straits Times Index let go of 72.45 points, or 2.1%, to 3,339.70
In New Zealand, the NZD 50 Index gained 68.15 points, or 0.8%, to 8,398.08
In Australia, the ASX 200 Index restored 9.43 points, or 0.2%, to 5,761.35
