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Asia Mostly Higher Amid Pelosi Trip

Asia markets mostly rose, but mainland China indexes gave up early gains and turned negative Wednesday as geopolitical tensions between the U.S. and China intensified over U.S. House Speaker Nancy Pelosi’s visit to Taiwan.

In Japan, the Nikkei 225 recovered 147.17 points, or 0.5%, to 27,741.90.

The Japanese yen traded at 133.06 per U.S. dollar, weaker compared to earlier in the week.

In Hong Kong, the Hang Seng index regained 77.88 points, or 0.4%, to 19,767.09.

The Australian dollar was at $0.6933, after it fell following the Reserve Bank of Australia’s rate hike on Tuesday. Clifton said falling oil prices have also weighed on the Aussie dollar.


In Shanghai, the CSI 300 lost 40.04 points, or 1%, to 4,066.98, dragged down in part by Chinese battery maker and Tesla supplier Contemporary Amperex Technology. CATL shares dropped nearly 4%.

On Tuesday, before Pelosi’s arrival, the Shanghai Composite fell as much as 3% in the trading session.

Pelosi arrived in Taiwan on Tuesday night local time amid warnings from Beijing.

Foreign Ministry spokesperson Hua Chunying tweeted that Pelosi’s visit was a “major political provocation,” while a spokesperson for the People’s Liberation Army’s Eastern Theatre Command said it would conduct “a series of joint military operations around the Taiwan Island from the evening of August 2.”

Those operations include long-range combat fire live shooting in the Taiwan Strait and conventional missile firepower test launching, the statement said, calling them “stern deterrence” and a grave warning.

State news agency Xinhua reported that the military will conduct exercises including live-fire drills from Aug. 4 to 7 in areas around Taiwan.

China’s ministry of commerce also said it would stop exports of natural sand to Taiwan, according to a Chinese-language statement on its website.

In economic news, China’s Caixin Services Purchasing Managers’ Index for July came in at 55.5, up from 54.5 in June. It’s also the highest since April 2021, according to Eikon data.

The 50 mark for PMI readings separate expansion or contraction from the previous month.

In other markets

In Taiwan, the Taiex gained 29.79 points, or 0.2%, to 14,777.02.

In Singapore, the Straits Times Index prospered 12.91 points, or 0.4%, to 3,252.06

In Korea, the Kospi restocked 21.83 points, or 0.9%, to 2,461.45.

In Australia, the ASX 200 ditched 22.11 points, or 0.3%, to 6,975.03

In New Zealand, the NZX sprang up 172.57 points, or 1.5%, to 11,705.03.