Asia-Pacific markets fell Wednesday as traders assessed July business activity data from Japan and Australia, and tech earnings from the U.S.
In Japan, the Nikkei 225 plummeted 439.54 points, or 1.1%, to 39,154.85, marking a one-month low.
The index was dragged by utilities and real estate stocks, while the broad-based Topix was down 1.42% to end at 2,793.12. Flash data from the au Jibun Bank showed that the country’s business activity returned to growth.
Japan’s composite purchasing managers’ index for July was at 52.6, up from 49.7 in June. This was “indicative of solid growth” among Japanese private sector firms, the report said.
Late Tuesday, automaker Toyota said it will buyback 806.85 billion yen ($5.17 billion U.S.) of its shares from major Japanese banks and insurers, including Tokio Marine, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.
The company said this was part of “ongoing efforts to reduce cross-shareholdings in order to build a lean balance sheet. Shares of Toyota rose 0.13%.
In Hong Kong, the Hang Seng index skidded 158.31 points, or 0.9%, to 17,311.05.
Taiwan’s Hon Hai Precision Industry — known internationally as Foxconn — will invest one billion yuan ($138 million) for a new business headquarters in China, Reuters reported.
In Korea, heavyweight Samsung Electronics plunged 2.26%. The South Korean electronics company is still grappling with a strike from its largest workers union, with talks on Tuesday yielding no results, according to the National Samsung Electronics Union, which has about 30,000 members.
Separately, Reuters reported that chip giant Nvidia had cleared Samsung chips for use in a processor for the China market.
Austrfalian markets were little changed, after the country saw its private sector activity expand at a slower pace in July, with the composite purchasing managers’ index dropping to a six-month low of at 50.2 compared to 50.7 in June, according to Juno Bank.
CHINA
In Shanghai, the CSI 300 dropped 21.71 points, or 0.6%, to 3,418.17.
EV stock Li Auto fell 4%, while counterparts Nio and Xpeng lost over 5%.
In other markets
Trading in Taiwan was suspended due to a typhoon.
In Singapore, the Straits Times Index dipped 0.34 points to 3,460.82.
In Korea, the Kospi index removed 15.58 points, or 0.6%, to 2,774.29.
In New Zealand, the NZX 50 gained 105.41 points, or 0.9%, to 12,530.99.
In Australia, the ASX 200 docked 7.41 points, or 0.1%, to 7,963.72.
