SINGAPORE — Markets across Asia-Pacific traded mixed on Wednesday morning, as developments turned the focus on Chinese tech giants and regional energy stocks.
In Japan, the Nikkei 225 dipped fractionally in early trading while the Topix index gained 0.32%. South Korea’s Kospi jumped 1%.
Stocks in Australia slipped in morning trade, with the S&P/ASX 200 down 0.34%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.18% higher.
Regional energy stocks surged in Wednesday morning trade after Saudi Arabia agreed to voluntary production cuts in February and March. In Australia, Beach Energy soared 5.43% and Santos gained 4.42%. Japan’s Inpex also jumped 4.17% and S-Oil in South Korea advanced about 7%.
Shares of Chinese tech giants Tencent and Alibaba will also be monitored by investors on Wednesday after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group’s Alipay. The order is only set to go into effect after Trump leaves office.
On the economic data front, China’s Caixin/Markit services Purchasing Managers’ Index is expected to be out at around 9:45 a.m. HK/SIN.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.436 as it continues to languish below the 90 level.
The Japanese yen traded at 102.62 per dollar after strengthening yesterday from levels above 102.9 against the greenback. The Australian dollar changed hands at $0.7767 following a rise from levels below $0.768 yesterday.
What’s on tap:
- China: Caixin/Markit services Purchasing Managers’ Index for December at 9:45 a.m. HK/SIN
Source: CNBC