Asian stocks closed mixed on Wednesday, with China losing steam after rebounding in the last session, as regional markets took cues from Wall Street's overnight advance on strong earnings.
In Japan, the Nikkei 225 subtracted 18.43 points, or 0.1%, to close Wednesday at 22,644.31
Oil and coal products led declines, falling 2.1%, with 21 of Tokyo's 33 sub-indexes ending lower. Shipping stocks and telecommunications clung to gains, with SoftBank Group closing up 4.8%
In Hong Kong, the Hang Seng jumped 110.26 points, or 0.4%, to 28,359.14. Energy-linked stocks traded higher, extending sharp gains seen on Tuesday, with conglomerates and technology names also buoyant before the market close.
Shares of China Tower made their debut in Hong Kong, trading mostly flat. The telecommunications tower company had priced its initial public offering at 1.26 Hong Kong dollars ($0.16) per share and had raised $6.9 billion, making it the largest IPO in the world in two years.
Australian indices moved higher, with gains in materials and the heavily weighted financials sub-index buoying the benchmark.
Among notable moves, shares of auto parts maker Hyundai Mobis jumped 2.9% while logistics unit Hyundai Glovis fell 4% The moves came as investors reacted to a local media report on restructuring plans. Hyundai Motor shares advanced 2%.
CHINA
In Shanghai, the CSI 300 dipped 54.36 points, or 1.6%, to 3,314.51.
Gains in Chinese shares in the last session came amid optimism over news of increased government spending on infrastructure. The People's Bank of China had also met with local banks earlier this week to highlight the importance of avoiding "herd behavior" in the currency markets
Data released in the morning showed China's trade surplus with the U.S. slipped to $28.1 billion in July, as the two countries remained engaged in a trade dispute. That compared to the $28.9 billion seen in June.
Meanwhile, the U.S. Trade Representative said on Tuesday that 25 percent U.S. tariffs on $16 billion in Chinese goods will take effect on August 23. An earlier wave of duties on $34 billion in Chinese imports took effect on July 6.
The yuan was mostly steady after taking a hit in recent months. The on-shore yuan slightly extended gains, trading at 6.8218 to the dollar, compared to a session low that exceeded 6.9 last Friday. The offshore yuan was slightly softer at 6.8300 to the dollar.
In other markets
In Singapore, the Straits Times Index slid 13.26 points, or 0.4%, to 3,326.74
In Taiwan, the Taiex index picked up 91.81 points, or 0.8%, to 11,075.25
In Korea, the Kospi index inched up 1.29 points, or 0.1%, to 2,301.45
In New Zealand, the NZX 50 dropped 3.64 points to 8,872.09
In Australia, the ASX 200 regained 14.59 points, or 0.2%, to 6,268.53
