Asian markets closed mixed on Wednesday, amid a muted reaction to China's May trade data, but the energy sector got a boost after oil prices settled above $50.00 U.S. a barrel on Tuesday for the first time in nearly 11 months.
In Japan, the Nikkei 225 marched ahead 155.47 points, or 0.9%, to 16,830.92, after the yen weakened against the U.S. dollar. The dollar-yen pair traded at 107.06, compared with an earlier session low of 106.7.
In Hong Kong, the Hang Seng index dropped 30.36 points, or 0.1%, to 21,297.88
Before the markets opened, Japan's revised first quarter gross domestic product numbers showed the economy expanded at a 1.9% annualized rate, up from the preliminary reading of 1.7%.
In Tokyo, Japan Display shares ended up 5.3%. Reuters reported that Japan Display's top investor, the state-backed Innovation Network Corp. of Japan, is set to meet with other lenders to discuss the health of the smartphone display maker. Reuters said according to the sources, the Apple supplier received a short-term loan of 30 billion yen ($280 million U.S.) from the lenders in late May.
In South Korea, the finance minister said on Wednesday the government and the Bank of Korea will create an 11-trillion-won ($9.50 billion U.S.) fund to support the two state-run banks most exposed to the shipping and shipbuilding firms currently being restructured.
Shares of shipbuilders closed mixed. Hyundai Heavy Industries shares were up 1.8%, Samsung Heavy Industries was off by 1.5% and Daewoo Shipbuilding & Marine Engineering was down 1.3%
Major banking stocks finished mostly lower, with ANZ down 0.5%, Commonwealth Bank of Australia off by 0.5% and NABdown 0.5%. Westpac shares beat their peers to close up 0.3%
Earlier, data released showed the value of Australia's home loans for investment in April fell 5% from March, but owner-occupied finance rose 1.7% on-month on a seasonally adjusted basis, although that was below a Reuters poll forecast for a 2.5% rise.
Energy plays in the region were higher, with Santos shares closing up 2.6%, Oil Search higher by 2.5% and Japan Petroleum up 1.8%
CHINA
The CSI 300 Index docked 13.06 points, or 0.4%, to 3,163.99.
Chinese mainland oil stocks were mostly positive, with Sinopec shares up 0.2%
In China, May's soggy trade data offered the latest sign that the world's second-largest economy was still a long way off from full health.
Exports in dollar-denominated terms fell 4.1% on-year, compared with April's 1.8% decline. Imports fell 0.4% on-year, narrower than April's 10.9% drop.
The analysts also noted that in yuan-denominated terms, imports grew 5.1% on-year in May, suggesting that domestic demand had improved.
In other markets
In Korea, the Kospi advanced 15.45 points, or 0.8%, to 2,027.08
In Singapore, the Straits Times Index moved higher 14.29 points, or 0.5%, to 2,862.38
In Taiwan, the Taiex Index added 35.58 points, or 0.4%, to 8,715.48
In New Zealand, the NZX 50 dipped 45.8 points, or 0.7%, to 6,991.51
The ASX 200 shed 1.05 points to 5,369.98
