Stocks in Asia-Pacific were mixed on Wednesday as investors continued to watch for developments on U.S. coronavirus stimulus talks.
In Japan, the Nikkei 225 rebuilt 72.42 points, or 0.3%, to 23,639.46.
The Japanese yen traded at 104.94 per U.S. dollar after seeing an earlier low of 105.52 against the greenback.
In Hong Kong, the Hang Seng Index leaped 184.88 points, or 0.8%, to 24,754.42.
Shares of Cathay Pacific in Hong Kong jumped 2.27% after the company on Wednesday announced that about 5,900 employees will be laid off as part of a restructuring plan. The airline’s subsidiary Cathay Dragon will also cease to operate with effect from today.
One official said the airline is set to have a "leaner cost structure going forward," though he acknowledged the restructuring costs and other impairments faced by Cathay Pacific in the short-term.
Shares of other airlines in the region also saw gains on Wednesday: Australia’s Qantas Airways rose 0.2%, Japan Airlines surged 2.9% while ANA Holdings added 1.8% and Korean Air Lines gained 2.7%. In Singapore, shares of Singapore Airlines were up 0.6%, as of about 4:35 p.m. local time.
Investor focus on Wednesday was likely on stimulus negotiations stateside. The Trump administration and Democrats made progress in negotiations on Tuesday but major differences remain.
The Australian dollar was at $0.7081, having declined from levels above $0.707 earlier this week.
In other markets
In Shanghai, the CSI 300 dropped 0.64 points to 4,792.83.
In Korea, the Kospi index edged ahead 12.45 points, or 0.5%, to 2,370.86.
In Taiwan, the Taiex Index advanced 14.88 points, or 0.1%, to 12,877.25.
In Singapore, the Straits Times Index sank 3.03 points, or 0.1%, to 2,525.61
In New Zealand, the NZX 50 subtracted 29.78 points, or 0.2%, to 12,432.61.
In Australia, the ASX 200 recovered 7.23 points, or 0.1%, to 6,191.80.
