Stocks in Asia Pacific mostly declined in the afternoon, but mainland Chinese stocks bucked the trend. Gold prices soared to a nine-year high, while the dollar weakened after European Union leaders reached an unprecedented $2-trillion stimulus package.
In Japan, the Nikkei 225 index dropped 132.61 points, or 0.6%, to 22,751.61. Data showed the country’s manufacturing activity contracted for a 13th-straight month in July.
The Japanese yen traded at 106.88 per U.S. dollar, strengthening after levels above 107 seen earlier.
In Hong Kong, the Hang Seng index staggered 577.72 points, or 2.3%, to 25,057.94, with losses in tech and property names.
Korean stocks were fairly flat, as the country’s finance ministry said that stock transaction taxes will be cut gradually to 0.15% by 2023, for Kospi-listed shares, from the current 0.25%.
Australian stocks tumbled, as the country’s retail sales climbed 2.4% in June as its economy continued to reopen, data showed on Wednesday. That follows a record 16.9% surge in the previous month.
The Australian dollar continued strengthening through the day, last changing hands at 0.7149 after seeing levels below 0.70 for most of this year.
CHINA
Mainland Chinese stocks shed some earlier gains but were still positive by the close
In Shanghai, the CSI 300 gained 23.41 points, or 0.5%, to 4,714.45.
In other markets
In Singapore, the Straits Times Index lost 34.92 points, or 1.3% to 2,594.53
In Korea, the Kospi docked 0.17 points to 2,228.66
In Taiwan, the Taiex index added 75.72 points, or 0.6%, to 12,473.27
In New Zealand, the NZX 50 waned 13.76 points, or 0.1%, to 11,722.97
In Australia, the ASX 200 slumped 81.23 points, or 1.3%, to 6,075.06.
