Asia Mixed Just Before U.S. Midterms

Asian stocks were mixed on Tuesday as investors looked to the U.S. midterm elections set for later in the day.

In Japan, the Nikkei 225 recovered 248.76 points, or 1.1%, to 22,147.75. The Japanese yen was at 113.42 against the U.S. dollar following an earlier high around the 113 handle

In Hong Kong, the Hang Seng Index recovered 186.57 points, or 0.7%, to 26,120.96

Shares of conglomerate Softbank dropped 2% for the trading day despite earlier reporting a profit surge for the second quarter of 2018 helped by higher valuations on high-tech bets. The conglomerate's CEO, Masayoshi Son, said on Monday that "there may be some impact" on its Saudi-backed Vision Fund following the killing of Saudi journalist Jamal Khashoggi

The Japanese tech investment giant has poured billions into start-ups in Silicon Valley and around the world through this investment fund.

Australian markets moved back up, with most sectors seeing gains. The energy sector gained 1.6%, and materials sectors took on 1.7%, as the heavily weighted financial sub-index advanced 0.8%.

The moves Down Under came after the Reserve Bank of Australia announced its decision to keep the cash rate unchanged at 1.5%.

The move was widely anticipated by market observers, with Rakuten Securities Australia saying in a morning note that "local investors looking to make money today will probably be (focusing) more on the Melbourne Cup."

The Australian dollar traded at $0.7216 U.S. after rising from levels above $0.718 yesterday.

Stocks of major Apple suppliers in Taiwan widely fell on the day. That appeared to be on the back of a report that the Cupertino-based tech giant had put on hold a plan to boost production of its iPhone XR.

Shares of chipmaker Taiwan Semiconductor slipped 0.2% while major assemblers Pegatron fell 4.6%, while Hon Hai — also known as Foxconn — ditched 3.4%.

Catcher Technology, a supplier of light-metal casings and enclosures for mobile devices, plunged 7.9% on Wednesday despite reporting a surge in quarterly revenue on Tuesday. Meanwhile, lens maker Largan Precision also dropped by 6.3%.

In other markets

Markets in Singapore and New Zealand were shuttered for holiday.

The CSI 300 fell 19.69 points, or 0.6%, to 3,243.15

In Taiwan, the Taiex index retreated 64.86 points, or 0.7%, to 9,824.95

In Korea, the Kospi index nosed up 12.7 points, or 0.6%, at 2,089.62

In Australia, the ASX 200 regrouped 57.04 points, or 1%, to 5,875.18