Asian markets were mixed in early trading Wednesday as investors remained unnerved about the global economic outlook.
U.S. Treasury yields saw little change Tuesday as the bond rally paused, while new data Wednesday showed China’s industrial profits dropped sharply in the first two months of the year, raising worries of a slowdown.
The U.S. and China will resume high-level trade talks Thursday in Beijing, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin attending the negotiations in Beijing.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.78% fell 0.6%, while Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.59% rose 0.5%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.74% gained 0.6% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.24% advanced 0.1%. Singapore’s benchmark index /zigman2/quotes/210597985/delayed SG:STI +0.29% gained, while stocks fell in Taiwan and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +1.79% . Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.54% retreated 0.2%, and New Zealand’s NSX-50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.31% gained after that country’s central bank issued a dovish outlook, citing a higher risk of a global downturn, and said its next move would likely be an interest-rate cut .
Among individual stocks, Nissan /zigman2/quotes/208298710/delayed JP:7201 -1.91% , Toyota /zigman2/quotes/203803129/delayed JP:7203 -0.62% and Subaru /zigman2/quotes/203522406/delayed JP:7270 -1.55% slumped in Tokyo trading. In Hong Kong, CNOOC /zigman2/quotes/203421416/delayed HK:883 -0.45% and Sands China /zigman2/quotes/207609245/delayed HK:1928 -0.96% rose, and LG Electronics /zigman2/quotes/209966407/delayed KR:066570 +1.37% and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -1.30% advanced in Korea. Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.78% and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT -2.70% rose in Australia.