Asia-Pacific markets were mostly lower on Wednesday after U.S. benchmark indexes, the S&P500 and the NASDAQ Composite, snapped an eight-day winning streak overnight.
The Nikkei 225 index sagged 111.12 points, or 0.3%, to 37,951.80
In Hong Kong, the Hang Seng index retreated 120.07 points, or 0.7%, to 17,391.01.
Japan’s trade data for July showed exports rose 10.3% year on year and imports grew 16.6%. Economists polled by Reuters had forecast that exports would rise 11.4%, while imports growth was pegged at 14.9%.
With exports coming in lower than expected and imports rising more than expected, Japan swung to a trade deficit of 621.84 billion yen ($4.28 billion), a larger figure than the 330.7 billion yen expected by economists.
July will be the last month of trade data recorded before the Bank of Japan’s move to raise interest rates at the end of July, which caused the yen to strengthen dramatically.
Typically, a weaker yen benefits Japanese exporters and trading houses, heavyweights on the Nikkei 225 and whose rise has been instrumental in lifting the index to its record highs.
Technology and consumer cyclical stocks dragged the Hang Send, with e-commerce giant JD.com leading declines, down as much as 11%. The losses come after U.S. retail giant Walmart told the media it was looking to sell its stake in JD.com. The stake could reportedly be worth $3.74 billion.
In other markets
In Shanghai, the CSI 300 lost 11.06 points, or 0.3%, to 3,321.64.
In Taiwan, the Taiex index dumped 191.21 points, or 0.9%, to 22,237.89.
In Singapore, the Straits Times Index poked up 3.45 points, or 0.1%, to 3,373.76.
In Korea, the Kospi index edged higher 4.5 points, or 0.2%, to 2,701.13.
In New Zealand, the NZX 50 fell 55.11 points, or 0.4%, to 12,502.97.
In Australia, the ASX 200 took on 12.77 points, or 0.2%, to 8,010.50.
