Stocks in Asia were mixed on Wednesday after the S&P 500 and NASDAQ Composite closed at record-high territory overnight on Wall Street.
The Nikkei 225 lost 59.74 points, or 0.3%, 22,200. The Japanese yen traded at 111.83 against the U.S. dollar after seeing an earlier high of 111.74.
The Hang Seng index in Hong Kong dumped 157.41 points, or 0.5%, to 29,805.83
Australian markets added strength to finish at its highest reading in more than a decade.
The day’s moves were attributable to a number of possible reasons, according to experts, who say the recent spike in oil prices was “generally seen as negative” for Asian markets, as some are net crude importers.
Furthermore, he added, investors could be profit taking given the strong gains year-to-date for most Asian markets, particularly those in China. Concerns also remained over the possibility of the Chinese government scaling back stimulus and refocusing on de-leveraging following the better-than-expected economic growth in the first quarter.
The Australian dollar tumbled to $0.7042 U.S. following an earlier high of $0.7102 following the release of inflation data Down Under that came in at a record low, raising the prospects of a rate cut by the Reserve Bank of Australia.
Earlier in April, the Australian central bank said interest rates would need to be slashed if “inflation did not move any higher and unemployment trended up.”
CHINA
The CSI 300 in China gained 11.08 points, or 0.3%, to 4,030.09
United States Trade Representative Robert Lighthizer and Secretary of the Treasury Steven Mnuchin will head to Beijing for talks that will begin on April 30, the U.S. Press Secretary Sarah Huckabee Sanders said in a statement. They will meet with Chinese Vice Premier Liu He.
Following those talks, the Chinese vice premier will lead a delegation to Washington for further discussions that begin on May 8.
In other markets
In Singapore, the Straits Times Index regained 8.96 points, or 0.3%, to 3,362.43
Korea’s Kospi Index slipped 19.48 points, or 0.9%, to 2,201.03
The Taiex Index in Taiwan inched up 1.96 points to 11,027.64
In New Zealand, the NZX 50 leaped 66.9 points, or 0.7%, to 10,071.74
The ASX 200 advanced 62.73 points, or 1%, to 6,382.15
