China Falls Hard in Wednesday Asia Trade

Shares in Asia-Pacific were mixed on Wednesday trade as investors looked ahead to the U.S. Federal Reserve’s interest rate decision.

In Japan, the Nikkei 225 dumped 150.29 points, or 0.5%, to 29,291.01.

The Japanese yen traded at 109.98 per U.S. dollar, having weakened earlier this week from levels below 109.8 against the greenback.

Japan’s exports in May rose 49.6% from a year earlier, data from the country’s Ministry of Finance showed Wednesday. That was lower than a 51.3% increase expected by economists in a Reuters poll.

In Hong Kong, the Hang Seng dipped 201.69 points, or 0.7%, to 28,436.84.

The Australian dollar changed hands at $0.7697 as it struggles to recover after a slip from the $0.772 level earlier in the week.


In Shanghai, the CSI 300 dropped 86.07 points, or 1.7%, to 5,086.49.

China’s industrial output rose 8.8% in May as compared with the same period a year ago, official data showed on Wednesday. That missed expectations for a 9% on-year increase by analysts in a Reuters poll, and was also lower than the 9.8% rise seen in April.

Chinese retail sales also rose less than expected in May, coming in at a 12.4% increase year-on-year, compared against a forecast of 13.6% increase by analysts in a Reuters poll.

In other markets

In Singapore, the Straits Times Index lost 35.3 points, or 1.1%, to 3,139.57

The Kospi index in Korea defied the trend and gained 20.05 points, or 0.6%, to 3,278.68

In Taiwan, the Taiex index erased 63.43 points, or 0.4%, to 17,307.86

In New Zealand, the NZX 50 tumbled 114.78 points, or 0.9%, to 12,518.60.

In Australia, the ASX 200 eked higher 6.7 points, or 0.1%, to 7,386.17.