Asia Stages Recovery from This Week’s Losses

Shares in Asia were higher on Wednesday following an earlier slump this week as trade tensions between the U.S. and China escalated.

In Japan, the Nikkei 225 regained 121.33 points, or 0.6%, to 21,188.56. Japanese automaker Nissan Motor saw its shares plummet 6.5% after the company posted 2018 fiscal earnings that were their lowest in 11 years.

The Japanese yen traded at 109.63 against the U.S. dollar after weakening from levels below 109.5 in the previous session

In Hong Kong, the Hang Seng recovered 146.69 points, or 0.5%, to 28,268.71

Korean markets forged ahead as shares of LG Chem jumped 2.7%.

The Australian dollar changed hands at $0.6924 U.S. after touching an earlier high of $0.6947.


In Shanghai, the CSI 300 index recouped 81.94 points, or 2.3%, to 3,727.09

Meanwhile, growth in China’s industrial output for April came in below forecasts. The industrial production increased 5.4% year-on-year, compared to expectations of a 6.5% year-on-year increase by analysts. The country’s retail sales growth for April also came in at its slowest pace since May 2003.

Also on Wednesday, the People’s Bank of China set its official yuan midpoint at 6.8649 against the greenback — its weakest in more than four months. The recent flare-up in trade tensions has renewed global market concerns over how much China will allow the yuan to weaken to offset heavier pressure on its exporters.

The onshore Chinese yuan last traded at 6.8651 against the greenback, while its offshore counterpart was at 6.8994 per dollar.

In other markets

In Korea, the Kospi index gained 10.94 points, or 0.5%, to 2,092.78

In Singapore, the Straits Times Index slumped 4.94points, or 0.2%, to 3,218.77

In Taiwan, the Taiex Index re-strengthened 41.46 points to 0.4%, to 10,560.71

In New Zealand, the NZX 50 tacked on 61.23 points, or 0.6% to 10,131.58

In Australia, the ASK 200 added 44.29 points, or 0.7%, to 6,284.20