Asia-Pacific stocks conclude mostly down

Asia-Pacific stocks conclude mostly down

On Wednesday, equities of the Asia-Pacific region concluded mainly down after the yield of American government bonds rallied amid expectations of another lift in interest rates from the Federal Reserve. Additionally, North Korea suspended talks with South Korea, scheduled for the next day, referring to the joint military exercise of South Korea and the United States. It increased worries as for a planned summit between North Korean leader Kim Jong-no and US President Donald Trump in June.

Japanese stocks headed south amid renewed geopolitical uncertainty on the Korean peninsula. Poor GDP data also affected the decline in quotations.

Additionally, Japan's gross domestic product went down by-0.2% in the first quarter of 2018 having ascended 0.1% (updated from 0.4%) in the fourth quarter of 2017, as the Cabinet told in its preliminary reading. Year-on-year and seasonally adjusted, Japan's GDP went down by 0.6% having leapt 0.6% earlier (updated from 1.6%). Market experts had expected a dive of 0.2%.

The main exporters traded mostly down, notwithstanding a weakening Japanese yen. Equities of Panasonic inched down by more than 1.8%, both Canon and Sony lost 0.8%.

Mitsubishi UFJ Financial Group declined 2.4% right after net profit for the year ended March turned out to be lower than analysts' estimates.

Australian equities concluded with a modest gain, and the surge was led by financial as well as mining companies.

Shares of BHP Billiton and Rio Tinto eventually headed north by more than 1%. Besides this, the market value of Westpac Banking Corp inched up by up to 0.7%, while the other three financial institutions concluded with surge rather in a narrow range.

Origin Energy, Santos as well as Woodside Petroleum jumped by 1-2% after crude prices soared during the night.

Moreover, equities in New Zealand dived after A2 Milk, a dairy company, rolled out weaker-than-anticipated earnings forecasts.

 

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