After some initial sluggishness, Asia-Pacific stocks generally improved as Wednesday’s trading day progressed. But there were no blowout gains occurring, with nearly all rising indexes up no more than 0.5% and many seeing advances of 0.2% of less.
The overnight bounce in the U.S. helped, along with earnings news both local and overseas, including Apple’s AAPL, +0.20% strong earnings report.
Japan’s Nikkei NIK, +0.86% rose 0.5% a day after the Bank of Japan maintained its ultraloose monetary policy. Honda 7267, +2.89% shares jumped after reporting an 11% increase in first-quarter operating profit, which took most analysts by surprise. The news drove gains across much of the sector, along with a weaker yen. Toyota 7203, +1.38% , which reports earnings Friday, was up 1%.
South Korea’s Kospi SEU, +0.38% rose 0.4% although Apple suppliers such as Samsung 005930, +0.65% and LG Innotek 011070, -0.92% gave up some of their early gains. Taiwan’s Taiex Y9999, +0.27% rose as Apple manufacturer Foxconn 2354, +1.32% gained more than 1%.
Stocks in China retreated amid a report that President Donald Trump’s advisers are urging 25% tariffs on $200 billion of Chinese goods. The Shanghai Composite SHCOMP, -0.32% slid 0.3% while the smaller-cap Shenzhen Composite 399106, -0.25% fell about as much. Hong Kong’s Hang Seng Index HSI, -0.03% dipped 0.2%, as Apple supplier Sunny Optical 2382, +1.24% gave up almost all of its post-Apple-earnings bounce.
Australia’s benchmark index XJO, +0.05% overcame early losses to eke into positive territory amid weakness in commodity stocks. Oil Search Limited OSH, +0.06% was down 0.4% while mining giant BHP Billiton BHP, +0.98% gained about 1%. Stocks in New Zealand NZ50GR, -0.62% fell.
Malaysia’s benchmark FBMKLCI, +0.01% was down slightly after having risen 16 of the past 17 days, while Singapore’s Strait Times Index STI, +0.13% was up slightly.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.
Source: Read Full Article