China, Hong Kong Lead Asia Gains

Shares in China led gains in mixed Asia-Pacific trading on Wednesday following the release of better-than-expected Chinese economic data.

In Japan, the Nikkei 225 fell another 303.7 points, or 1.1%, to 26,326.16.

The Japanese yen traded at 134.70 per U.S. dollar, stronger as compared with an earlier low of 135.58 seen against the greenback

In Hong Kong, the Hang Seng index recovered from a series of declines, gaining 240.22 points, or 1.1%, to 21,308.21. Shares of Alibaba jumped 4.4%.

Shares of Prada in Hong Kong, however, declined 1.5% in Wednesday trade after an Oliver Wyman survey showed luxury brands slashing expectations for their China business this year following the country’s latest COVID lockdowns.

The Australian dollar changed hands at $0.6904, struggling to recover after last week’s fall from levels above $0.72.

CHINA

In Shanghai, the CSI 300 added 55.91 points, or 1.3%, to 4,278.38

China’s industrial output climbed 0.7% in May as compared with a year earlier, official data showed Wednesday, rising from the April’s 2.9% decline. The reading for May came in above expectations by analysts in a Reuters poll for a 0.7% drop.

Meanwhile, retail sales in May fell 6.7% year-on-year, better than the expected 7.1% fall predicted by analysts in a Reuters poll.

In other markets

In Singapore, the Straits Times Index lost 3.04 points, or 0.1%, to 3,105.85.

In Taiwan, the Taiex index dipped 48.12 points, or 0.3%, to 15,999.25.

In Korea, the Kospi docked 45.59 points, or 1.8%, to 2,447.38.

In New Zealand, the NZX 50 edged lower 5.44 points, or 0.1%, to 10,635.92.

In Australia, dropped 85 points, or 1.3%, to 6,601.03.