Asia-Pacific markets were mixed on Wednesday as investors reacted to the release of China’s manufacturing activity data for September.
In Japan, the Nikkei 225 let go of 353.98 points, or 1.5%, to 23.185.12.
Shares of Japanese telecommunications firms were closely watched following a recent shakeup in the sector, with Nippon Telegraph and Telephone Corporation (NTT) set to take over its telecommunications unit, NTT Docomo.
Shares of NTT fell 3.6% on Wednesday while NTT Docomo surged 20.9%. Meanwhile, shares of NTT Docomo’s mobile peers were lower —
SoftBank Corp dipped 1.1% while KDDI shed 0.3%.
The move by NTT comes as new Japanese Prime Minister Yoshihide Suga calls on wireless carriers to reduce prices, with the hope that the savings generated will stimulate consumer spending elsewhere in the economy.
The Japanese yen traded at 105.63 per U.S. dollar, having seen an earlier low of 105.80 against the greenback.
In Hong Kong, the Hang Seng regained 183.52 points, or 0.8%, to 23,459.05.
Shares of China Evergrande Group listed in the city soared 19.4% after the property developer struck a deal with some investors of its unit, Hengda Real Estate. Evergrande’s stock has been extremely volatile in recent days amid concerns over the firm’s financial situation.
Meanwhile, the fiery first U.S. presidential debate between incumbent President Donald Trump and Democratic nominee Joe Biden could also have weighed on investor sentiment, with the two constantly exchanging sharp remarks in a face-to-face challenge.
The Australian dollar changed hands at $0.7115 after touching an earlier high of $0.7149.
CHINA
The CSI 300 dipped 4.41 points, or 0.1%, to 4,587.39.
On the economic data front, China’s official manufacturing Purchasing Managers’ Index (PMI) for September came in at 51.5 on Wednesday as compared to 51.0 in August, according to the country’s National Bureau of Statistics.
Analysts had expected the official manufacturing PMI to come in at 51.2 in September. PMI readings above 50 indicate expansion from the previous month, while those below that figure signal contraction.
Meanwhile, a private manufacturing survey also showed manufacturing activity expanding in September, with the Caixin/Markit PMI coming in at 53.0. Analysts polled by Reuters expected the Caixin/Markit PMI for September to come in at 53.1 — the same level as August.
The private survey features a bigger mix of small- and medium-sized firms. In comparison, the official PMI survey typically polls a large proportion of big businesses and state-owned companies. Chinese economic data has been watched by investors for further clues on the Chinese economy’s recovery from the coronavirus pandemic.
In other markets
Korean markets were shuttered for holiday.
In Singapore, the Straits Times Index slumped 4.99 points, or 0.2%, to 2.466.62.
In Taiwan, the Taiex index gained 47.88 points, or 0.4%, to 12,515.61.
In New Zealand, the NZX 50 re-attached 5.2 points to 11,747.28.
In Australia, the ASX 200 dumped 136.11 points, or 2.3%, to 5,815.94
