Chinese stocks moved higher Wednesday on financial reform hopes, while Japan pared some of its earlier losses as the yen weakened in Asian trade.
In Tokyo, the Nikkei 225 index faded 65.61 points, or 0.4%, to 15,449.63
Hong Kong’s Hang Seng Index regained 125.07 points, or 0.5% to 23,806.35
Japanese stocks took their direction from the currency, initially falling earlier in the day on the stronger yen, but paring some of its losses as the dollar pushed back.
Tokyo shares were last down 0.3% but up 7.9% month-to-date. With only two more trading sessions in November, the Japanese stock market looks likely to post one of its best months for the year.
The U.S. dollar stabilized against the yen in Asia, after losing 0.4% Tuesday. It was last at ¥101.52, compared with ¥101.27 late Tuesday in New York. In recent weeks the greenback has enjoyed a strong winning streak against its Japanese counterpart, going as high as ¥101.92 Monday — a six-month high.
In Japan, a number of companies were reacting to corporate news. Panasonic Corp. rose 3.8% after a Nikkei report said that the company plans to sell three semiconductor plants in Japan to Israeli chip maker TowerJazz.
Also in Tokyo, Nippon Steel & Sumitomo Metal Corp. was flat, outperforming the broader benchmark, after a Nikkei report said that the firm will team up with ArcelorMittal to acquire an automotive steel-sheet plant in the U.S. from ThyssenKrupp.
Australian markets was down 0.2%, with gold miners falling after a steep fall in bullion prices. Newcrest Mining — Australia’s largest gold miner — hit its lowest level in a decade, and was last down 4.3%.
The Australian dollar extended its fall against the U.S. dollar Wednesday, dropping to 91.11 U.S. cents. The currency has been under pressure since last week when Reserve Bank of Australia Governor Glenn Stevens said he was "open-minded" on the question of intervention, which created speculation that action to drive the currency lower was imminent.
CHINA
Shanghai’s CSI 300 index grew 27.06 points, or 1.1%, to 2,414.48, after the head of China’s central bank assured the market of more financial reforms, including free deposit rates and a more flexible currency.
People’s Bank of China head Zhou Xiaochuan also said that China will allow more foreign institutions to invest in the domestic stock and bond markets
In other markets;
Korea’s Kospi Index added 6.17 points, or 0.3%, to 2,028.81
Taiwan’s Taiex Index moved forward 47.86 points, or 0.6%, to 8,295.88
The Singapore Straits Times Index dropped 1.45 points, or 0.1%, to 3,172.06
In New Zealand, the NZX 50 picked up 8.60 points, or 0.2%, to 4,799.35
In Australia, the S&P/ASX 200 slid 24.14 points, or 0.5%, to 5,332.88
