Asia-Pacific stocks edge down

Asia-Pacific stocks edge down

On Wednesday, Asia-Pacific stocks closed with a tumble in general. Safe-haven assets such as gold and the Japanese yen went up after US President Donald Trump told that he’s still dissatisfied with the US trade negotiations with China, and that there is a great chance that the highly anticipated summit with North Korean leader Kin Jong-no in June might not take place because North Korea rejected strict US demands as for denuclearization.

Chinese markets headed south because coal stocks tumbled after authorities dared to intervene in the coal market for the purpose of cutting prices. The base index of the Shanghai Composite dived approximately 1.41%, the Hong Kong Hang Seng Index dipped up to 1.82% at the end of the trading session.

Japanese stocks decreased most for two months, as a stronger Japanese yen lowered the share of exporters. Additionally, mixed production data also affected the mood of traders.

The manufacturing sector in Japan kept expanding in May, although more slowly. The latest Nikkei survey uncovered that PMI production accounted for 52.5, compared to April’s reading of 53.8.

In addition to this, equities of Mitsui OSK Lines, Kawasaki Kisen as well as JFE Holdings went down by about 3%.

Australian stocks went down for the fifth consecutive session, and shares of energy companies were put under pressure after Santos declined a $ 10.8 billion acquisition of Harbour Energy.

Besides this, the shares of Santos headed south by up to 8.4%, while Woodside Petroleum, Origin Energy as well as Oil Search lost approximately 1%-2% of the value of their shares.

As for shares in Seoul, they managed to tack on. Heavyweight heavyweight Samsung Electronics increased its capitalization by about 3.6%. At the same time SK Hynix chipmaker received as much as 7% of the value of its shares.


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