China’s Shenzhen Component index led losses in mixed Asia-Pacific trade on Wednesday following a negative lead from Wall Street, and as investors digest China’s factory activity data.
The Nikkei 225 fell 104.05 points, or 0.4%, to 28,091.53.
Industrial production in Japan unexpectedly rose 1% in July from the month earlier, according to official data.
The latest data beat estimates of a 0.5% contraction predicted by analysts in a Reuters poll, after June’s factory output jumped 9.2% as China eased Covid curbs.
Retail sales for July also rose 2.4% compared to the same period a year earlier.
The Japanese yen strengthened slightly and was last at 138.63 against the dollar.
In Hong Kong, the Hang Seng index edged up 5.36 points to 19,954.39.
Hong Kong-listed shares of BYD fell over 10% after Warren Buffett’s Berkshire Hathaway trimmed its stake in the company, according to a filing released Tuesday.
Berkshire sold 1.33 million shares of BYD for about $47 million — the conglomerate now owns 218.7 million shares, or a 19.92% stake, after the sale.
On Monday, BYD reported strong numbers for the first half of 2020 with its net income for the period totaling 3.6 billion yuan ($521 million), tripling from a year earlier.
CHINA
In Shanghai, the CSI 300 eked up 3.05 points, or 0.1%, to 4,078.84.
China’s official manufacturing Purchasing Managers’ Index for August beat expectations slightly, coming in at 49.4, official data showed. The non-manufacturing PMI was at 52.6. Major cities in China, including Dalian and Shenzhen, also tightened Covid restrictions on Tuesday.
China’s leaders are set to meet on Oct. 16 for a major political event which is expected to pave the way for President Xi Jinping to secure an unprecedented third term.
The meeting has taken on greater significance this year as observers watch closely to see if Beijing will start easing its stringent zero-Covid policy. The meeting is expected to send signals on forthcoming economic policy.
It’s “the most important political event of the decade in China,” Citi analysts wrote in a note last week.
In other markets
In Taiwan, the Taiex hiked 141.81 points, or 1%, to 15,095.44
In Korea, the Kospi index gained 21.12 points, or 0.9%, to 2,472.05
In Singapore, the Straits Times Index faded 17.66 points, or 0.6%, to 3,221.57.
In Australia, the ASX 200 moved backward 11.57 points, or 0.2%, to 6,986.76.
In New Zealand, the NZX settled 47.55 points, or 0.4%, to 11,601.10.
