Stocks in Asia were mixed as regional sentiment was weighed after the Organization for Economic Cooperation and Development lowered its growth forecasts, while Chinese stocks extended their recent gains.
In Tokyo, the Nikkei 225 index surrendered 50.48 points, or 0.3%, to 15,076.08, as investors digested trade data. Although the country’s exports rose 18.6% from a year earlier in October, beating forecasts for a 17.3% rise, the 26.1% climb in imports pushed the trade deficit to more than ¥1 trillion--much higher than a forecast ¥810 billion shortfall.
The yen strengthened during Asian trading, with the dollar last at ¥99.97 compared with ¥100.13 late Tuesday in New York.
Hong Kong’s Hang Seng Index regained 43.05 points, or 0.2%, to 23,700.86
The OECD forecast only a modest amount of economic recovery next year, cutting its prediction overnight for global gross domestic product growth by around 0.5 percentage point to 3.6%. The Paris-based research body attributed the weaker economic outlook to slowing growth in some large developing countries, as some economies are vulnerable to potential outflows when the U.S. Federal Reserve reduces its stimulus plan.
Chinese stocks remained buoyant due to Beijing's reform plans, which were released at the end of last week and resulted in a surge in Hong Kong. The market impact of the blueprint to restructure the economy has been most evident in Chinese companies listed in the city
WorleyParsons plunged 25.9% in Sydney after the firm, which provides professional services to the resources and energy sector, warned that its 2014 fiscal-year underlying net profit could fall as much as 19% below prior guidance.
CHINA
Shanghai’s CSI 300 index recovered 12.69 points, or 0.5%, to 2,424.85
Asia's largest economy escaped with only a mild reduction, as China's growth forecast for 2014 was cut to 8.2% from 8.4%.
In other markets;
Korea’s Kospi Index subtracted 14.40 points, or 0.7%, to 2,017.24
Taiwan’s Taiex Index shrank 55.75 points, or 0.7%, to 8,204.46
The Singapore Straits Times Index erased 7.85 points, or 0.3%, to 3,184.23
In New Zealand, the NZX 50 slid 22.15 points, or 0.5%, to 4,840.36
In Australia, the S&P/ASX 200 shed 45.24 points, or 0.9%, to 5,307.66
