Most Asian stocks fell Wednesday as investors awaited the U.S. Federal Reserve’s outlook on its bond purchases, with Japanese shares also pressured by a strengthened yen and some downbeat results.
Japan’s Nikkei 225 dropped 201.50 points, or 1.5%, to 13,668.32.
Hong Kong’s Hang Seng Index let go of 70.30 points, or 0.3%, to 21,883.66
Australian shares gained on expectations of an interest-rate cut.
In Tokyo, a slew of Japanese results announced after the market’s close on Tuesday influenced share movements during the session.
Softbank fell 1% even as the company more than doubled its quarterly profit.
In other earnings-driven moves, shares of fellow wireless-telecommunications firm KDDI spiked 6.9% and Tokyo Electron Ltd. gained 3.7%, while Japan Tobacco Inc. gave up 0.9% and Fujitsu Ltd. fell 3.1%.
Several power utilities tumbled amid concerns over public and political resistance to restarting shuttered nuclear-power plants. Tokyo Electric Power Co. slid 5.7%, Chubu Electric Power Co. lost 4.4%, and Kansai Electric Power Co. surrendered 5.1%.
Toyota Motor Corp. dropped 1.7% ahead of its own earnings report Friday. A Nikkei newspaper report it plans to manufacture more than 10 million vehicles worldwide this year.
In Hong Kong, China Resources Land Ltd. climbed 3.4%, and Guangzhou R&F Properties Co. gained 6.7%.
Among other notable movers, shares of Huaneng Power International Inc. rose 1.9% in Hong Kong after the power producer said its half-year profit more than doubled.
China Cosco Holdings Co. fell 4.5% in Hong Kong and slipped 0.4% in Shanghai, after the shipping major estimated narrower losses for the first six months of 2013.
Elsewhere, Australia’s S&P/ASX 200 rose in Sydney after Reserve Bank of Australia Gov. Glenn Stevens Tuesday said current inflation levels wouldn’t rule out further easing. Those remarks helped the index rebound in the previous session to end flat.
Banks and other stocks paying high dividends rose amid rising expectations for a further reduction to interest rates. AMP Capital chief economist Shane Oliver said late Tuesday that the markets had priced in a 91% chance of a rate cut at next week’s RBA meeting, following Governor Stevens’ comments.
Bank of Queensland Ltd. rose 0.9%, and Australia & New Zealand Banking Group added 0.6%
CHINA
Mainland Chinese equities rose on the back of the property sector amid hopes the government will pursue policies aimed at stable economic growth.
The Shanghai Shenzhen CSI 300 gained 3.63 points, or 0.2%, to 2,193.02, after the powerful politburo of China’s Communist party said late Tuesday it would act to maintain steady growth in the second half of 2013.
Chinese property and construction-related shares rallied to lead the advance.
Shares of Poly Real Estate Group Co. jumped 3.2%, Gemdale Corp. added 3.7%, and Anhui Conch Cement Co. rose 1.5% in Shanghai.
The yuan-denominated A-shares of China Vanke Co. advanced 2.8% in Shenzhen.
In other markets;
Taiwan’s Taiex gave back 55.61 points, or 0.7%, to 8,107.94
In Singapore, the Straits Times Index slid 23.52 points, or 0.7%, to 3,221.93
Korea’s Kospi Index dipped 3.02 points, or 0.2%, to 1,914.03
In New Zealand, the Exchange 50 Gross Index slumped 12.60 points, or 0.3%, to 4,537.98
In Australia, the S&P/ASX 200 added 4.74 points, or 0.1%, to 5,051.98
