Asia Mixed Amid Brexit Doubts

Asia Pacific markets traded mixed on Wednesday despite an overnight rally on Wall Street as investors sifted through fresh uncertainties surrounding the U.K.’s withdrawal from the European Union.

The Nikkei 225 scaled back 112.54 points, or 0.6%, to 20,442.75. The Japanese yen, considered a safe-haven asset, fetched 108.47 to the U.S. dollar.

In Hong Kong, the Hang Seng Index gathered 71.81 points, or 0.3%, to 26,902.10

Australian markets moved marginally higher, as the heavily-weighted financial sub-index added 0.6%. The Australian dollar traded at $0.7202.
Prime Minister Theresa May’s plan on how Britain should exit the European Union was overwhelmingly voted down in the House of Commons, Though the move was widely expected, reports suggested it was the largest defeat for a sitting government in U.K. political history.

The British pound traded at $1.28491 U.S. on Wednesday afternoon, recovering from a sharp decline below $1.2740 overnight.

CHINA

In Shanghai, the CSI 300 nicked up 0.66 points to 3,128.65

Global markets received a boost on Tuesday, and analysts attributed the positive sentiment to China signaling more stimulus measures to come, including larger tax cuts, amid concerns of a slowdown in the world’s second-largest economy.

Recent economic data showed contractions in trade and factory activities in China, leading many to wonder if Beijing will be more aggressive with its measures to hold up the economy.

In other markets

In Singapore, the Straits Times Index advanced 16.81 points, or 0.5%, to 3,229.11

In Korea, the Kospi index added 8.92 points, or 0.4%, to 2,106.10

In Taiwan, the Taiex index shed 42.23 points, or 0.4%, to 9,763.81

In New Zealand, the NZX 50 gained 62.86 points, or 0.7%, to 9,027.44

In Australia, the ASX 200 moved forward 20.59 points, or 0.4%, to 5,835.16