Asian markets were mixed on Wednesday, as sentiment hit from a lower finish on Wall Street offset the positive impact of a rise in oil prices.
The Nikkei 225 index in Tokyo recovered 149.13 points, or 0.9%, to 16,745.64
In Hong Kong, the Hang Seng Index dropped 111.06 points, or 0.5%, to 22,799.78
The relatively weaker currency likely gave Japanese manufacturers some support during the trading session, with Toyota shares advancing 2.2%, Honda up 3.4% and Canon up 1.3%
Sharp shares were up 16.5%, after Taiwanese manufacturer Hon Hai completed its acquisition of the Japanese electronics maker earlier this week, following regulatory approval from China's antitrust body.
In the currency market, the Japanese yen weakened against the U.S. dollar in the afternoon session, trading at 100.95 as of late afternoon. The yen touched an earlier session high of 100.14 and overnight, it climbed to levels around 99.68 to the dollar before retreating. That compared with levels above 101.00 last week.
Analysts told the media on Tuesday they expect further yen strength in the near future, following the market's disappointment with the Bank of Japan's stimulus plans.
Energy plays across the region traded higher, with Santos up 0.8%, Oil Search gaining 2.4% and Woodside Petroleum up 2.4%. In Japan, Inpex shares advanced 6.5%, while Japan Petroleum was up 4.3%
Media outlets, citing sources at the Organization of the Petroleum Exporting Countries, reported that Saudi Arabia wants higher oil prices, which lent further credibility to speculation over possible OPEC action.
In company news, shares of BHP Billiton advanced 3.3% on the Australian market, following a 0.7% gain in London, as investors appeared to have been comforted by a better-than-expected underlying profit print despite the mining company reporting a record loss.
BHP, which announced its earnings on Tuesday after the Australian market close, said it posted a record $6.4-billion U.S. annual loss due to a slump in commodities and a dam disaster in Brazil.
Australian biotechnology firm CSL reported net profit after tax of $1.24 billion U.S. for the full year ended June 30, slipping from $1.38 billion booked in the previous year. Profit was dragged by CSL's acquisition of a money-losing flu vaccine business from Novartis
Underlying net profit after tax, excluding the loss from the Novartis flu vaccine acquisition, was up 5.2%. However, CSL shares sold off 5.1% on Wednesday.
Hong Kong airline carrier Cathay Pacific Airways' shares tumbled 7.3% in afternoon trade, after media reports that the company's first-half net profit tumbled 82% to 353 million Hong Kong dollars ($45.52 million U.S. ) amid slower growth in China and a drop in consumer demand for premium class seats on long-haul flights
CHINA
The Shanghai CSI 300 subtracted 5.2 points, or 0.2%, to 3,373.05
On Tuesday, China announced plans to open its Shenzhen stock market to foreign investors, after the State Council said the government had approved plans for the launch of the Shenzhen-Hong Kong Stock Connect.
The program, which was modeled after the Shanghai-Hong Kong Stock Connect, would allow Shenzhen-based investors to buy Hong Kong-listed stocks and vice versa.
Analysts said the approval of the Shenzhen-Hong Kong Stock Connect was part of China's efforts to open up its financial sector to make it more competitive by international standards.
In other markets
The Taiex Index in Taiwan reacquired 7.34 points, or 0.1%, to 9,117.70
In Korea, the Kospi index fell 4.01 points, or 0.2%, to 2,043.75
In Singapore, the Straits Times Index doffed 15.45 points, or 0.5%, to 2,843.35
In New Zealand, the NZX 50 moved higher 44.35 points, or 0.6%, to 7,355.02
The ASX 200 eked up 3.07 points, or 0.1%, to 5,535.05
