China shares led Asia lower on Wednesday, as investors monitored Beijing’s efforts to revive a slowing economy by increasing lending.
Japanese markets are off for a holiday
In Hong Kong, the Hang Seng index deducted 42.41 points, or 0.2%, to 28,400.34.
In South Korea, Samsung Electronics Co.’s shares edged up 0.9%, even after net profit for the first quarter fell 39% from a year earlier, more severe than a expectations for a 30% decline. In one bright spot, mobile operating profit margins rose to 10.6% for the quarter, an improvement from the 7.5% in the fourth quarter of 2014.
CHINA
The Shanghai CSI 300 recovered 32.47 points, or 0.7%, to 4,774.33
On Tuesday, The Wall Street Journal reported that China’s central bank is planning to launch a credit-easing program to help restructure trillions of dollars of local-government debt. Chinese banks would be able to swap local government bailout bonds for loans from the central bank under the plan.
Investors have been weighing China’s slowing growth and how effective government plans can be to help. Until now, China has relied on cutting interest rates and reserve requirements for banks to stoke growth.
In other markets
In Singapore, the Straits Times Index settled 7.94 points, or 0.2%, to 3,487.15
The Kospi index in Korea lost 5.04 points, or 0.2%, to 2,142.63
In Taiwan, the Taiex index tumbled 103 points, or 1%, to 9,853.83
In Australia, the S&P/ASX 200 staggered 109.96 points, or 1.9%, to 5,838.58.
In New Zealand, the NZX 50 dropped 28.84 points, or 0.5%, to 5,740.82
