China Up on Encouraging Data

Shares in Asia-Pacific were mixed on Wednesday as investors watched for market reaction to the release of higher-than-expected Chinese inflation data for April.

In Japan, the Nikkei 225 recovered 46.54 points, or 0.2%, to 26,213.64.

Shares of Nintendo in Japan gained 3.3% after the firm on Tuesday announced an unexpected 10-for-1 stock split in a bid to make its stock more appealing to retail investors.

Sony Group also saw its stock jumping 2.1%, with the company recently announcing a 200 billion Japanese yen (around $1.53 billion U.S.) share buyback as well as a forecasted 56% year-on-year rise in PlayStation 5 sales in the current financial year.

The Japanese yen traded at 129.90 per U.S. dollar, stronger as compared with levels above 130.5 seen against the greenback earlier this week.

In Hong Kong, the Hang Seng Index regained 190.88 points, or 1%, to 19,824.57. Tech stocks such as Tencent gained 2.7% and Meituan surged 6.3%. NetEase also advanced 2.81%.

The Australian dollar changed hands at $0.6984 as it struggles for a bounce after declining from above $0.70 earlier in the week.

CHINA

Investor sentiment on Chinese stocks may have been lifted by positive developments on the mainland’s COVID situation.

In Shanghai, the CSI 300 index surged 56.55 points, or 1.4%, to 3,976.42.

In inflation data released Wednesday, China’s producer price index for April rose 8% year-on-year, higher than expectations for a 7.7% increase by analysts in a Reuters poll.

Consumer inflation also rose more than expected. The consumer price index climbed 2.1% year-on-year, above expectations for a 1.8% gain by analysts in a Reuters poll.

In other markets

In Taiwan, the Taiex doffed 55.45 points, or 0.4%, to 16,006.25.

In Singapore, the Straits Times Index dropped 8.12 points, or 0.3%, to 3,226.07

In Korea, the Kospi index lost 4.29 points, or 0.2%, to 2,592.27

In New Zealand, the NZX 50 eked up 3.72 points to 11,233.17.

In Australia, the ASX 200 gained 13.53 points, or 0.2%, to 7,064.68.