China stocks led Asia-Pacific markets on Wednesday, buoyed by stimulus measures announced by Beijing a day earlier.
In Japan, the Nikkei 225 dipped 70.33 points, or 0.2%, to 37,870.26.
In Hong Kong, the Hang Seng Index gained 128.54 points, or 0.7%, to 19,129.10.
The offshore yuan briefly strengthened to 6.995 against the U.S. dollar, breaking the 7.00 level for the first time since May 2023.
Korean stocks snapped a six-day winning streak.
South Korea on Wednesday announced its “Korea Value Up Index,” with trading set to start Monday. The index will comprise 100 companies, with IT and industrial stocks making up more than 40% of the index.
Investors assessed Australia’s inflation numbers on Wednesday, with the consumer price index climbing 2.7% year on year in August, in line with expectations from economists polled by Reuters and easing from the 3.5% rise in July.
CHINA
In Shanghai, the CSI 300 added 49.62 points, or 1.5%, to 3,401.53.
Mainland China’s CSI 300 pared gains to close at 3,401.53, up 1.48%, powered by consumer cyclicals and industrials. Hong Kong’s Hang Seng index was up 0.63% as of its final hour, after rising over 3% in early trade, on track to reach its highest level since May.
Chinese markets had rallied Tuesday after the country’s central bank announced a slate of economic support measures, with the HSI seeing its best day in seven months, while mainland China’s CSI 300 recorded its largest one-day gain in over four years.
On Wednesday, the PBOC slashed the medium-term lending facility rate to 2%, down from 2.3%. This is the second cut to the MLF in about three months, after the central bank cut rates from 2.5% to 2.3% in late July.
In other markets,
In Korea, the Kospi deleted 35.36 points, or 1.3%, to 2,596.32
In Singapore, the Straits Times Index settled 39.47 points, or 1.1%, to 3,583.27.
In Taiwan, the Taiex index popped 329.82 points, or 1.5%, to 22,761.60.
In New Zealand, the NZX 50 declined 79.45 points, or 0.7%, to 12,224.54.
In Australia, the ASX 200 slid 15.61 points, or 0.2%, to 8,126.36.
