Shares in the Asia-Pacific were mostly lower on Wednesday as world leaders gathered in Bali, Indonesia for a second day of the Group of 20 summit. Polish authorities said a Russian-made missile killed two citizens, which president Andrzej Duda described as “an isolated incident,” adding an investigation is underway.
In Japan, the Nikkei 225 gained 38.13 points, or 0.1%, to 28,028.30, as heavyweight SoftBank Group gained 2.9%.
In Hong Kong, the Hang Seng sagged 86.64 points, or 0.5%, to 18,256.48.
Chinese tech giant Tencent is due to report third-quarter earnings late in Asia.
The company is expected to see another drop in revenue after posting the first-ever revenue decline in the previous quarter ending in June. A median forecast from Refinitiv predicts a fall of 0.47% to 141.7 billion Chinese yuan ($20 billion U.S.).
Separately, sources told Reuters that Tencent is starting a new round of job cuts. The news comes as tech firms around the world announce layoffs.
Tencent shares rose as much as 3% in early trade, and were last up 0.8%.
CHINA
In Shanghai, the CSI 300 dipped 31.58 points, or 0.8%, to 3,834.39.
U.S. Treasury Secretary Janet Yellen and the governor of the People’s Bank of China, Yi Gang, met on the sidelines of the Group of 20 summit in Bali, Indonesia.
Yellen in a tweet said that the two discussed “global macroeconomic and financial challenges, including economic prospects” of U.S. and China.
A separate Reuters report, citing a U.S. official, said Yellen and Yi’s meeting lasted two hours, and that the conversation was “in the context of global challenges.”
JPMorgan downgraded its economic forecasts for China in response to developments including a recent surge in Covid cases and a “notable drag on domestic activity,” analysts said in a note.
The investment bank now expects China’s GDP growth for 2022 to come in at 2.9%, down from its previous forecast of 3.1%. In 2023, JPMorgan sees China’s economy growing 4%, compared with an earlier prediction of 4.5%.
October’s retail sales and industrial production data released Tuesday disappointed as global growth slowed and China battled Covid outbreaks.
In other markets
In Taiwan, the Taiex dropped 8.96 points, or 0.1%, to 14,537.35.
In Korea, the Kospi index waned 2.88 points, or 0.1%, to 2,477.45.
In Singapore, the Straits Times Index moved lower 9.11 points, or 0.3%, to 3,266.17.
In Australia, the ASX 200 slid 19.39 points, or 0.3%, to 7,122.24.
In New Zealand, the NZX 50 weakened 8.59 points, or 0.1%, to 11,230.55.
