Asian stocks ended mixed on Wednesday as lower commodity prices and weak overnight cues from Wall Street on concerns over the possibility of a U.S. government shutdown overshadowed upbeat regional economic data.
A widespread sell-off in digital currencies on fears of impending crackdowns, apprehensions surrounding coalition talks in Germany and speculation that the European Central Bank (ECB) policymakers are preparing to reduce their vast monetary stimulus program also kept investors on their toes.
Chinese stocks closed slightly higher ahead of fourth-quarter GDP, December industrial production and retail sales data due Thursday.
The benchmark Shanghai Composite index rose 8.08 points or 0.24 percent to 3,444.67 while Hong Kong's Hang Seng index was marginally higher in late trade after notching a record close on Tuesday.
Japanese shares lost ground as a firmer yen weighed on exporters and bitcoin-related stocks succumbed to selling pressure on fears of a regulatory crackdown.
The Nikkei average dropped 83.47 points or 0.35 percent to finish at 23,868.34 after touching a 26-year high in the previous session. The broader Topix index closed 0.18 percent lower at 1,890.82.
Virtual currency trading company Remixpoint tumbled 4 percent, point media business operator Ceres slumped 13.8 percent and technology giant GMO Internet plummeted 8 percent.
On the economic front, the Cabinet Office said today that the value of core machine orders in Japan surged a seasonally adjusted 5.7 percent month-on-month in November, coming in at 899.2 billion yen. That beat expectations for a decline of 1.2 percent following the 5.0 percent jump in October.
Australian shares extended losses to hit a more than four-week low as weak base metal prices pulled down material stocks.
The benchmark S&P/ASX 200 index dropped 32.80 points or 0.54 percent to
6,015.80, while the broader All Ordinaries index ended down 31.60 points or 0.51 percent at 6,134.30.
BHP Billiton, Rio Tinto and Fortescue Metals Group lost around 3 percent each as Chinese iron ore futures fell for a fifth day running. The big four banks fell between 0.3 percent and 0.6 percent while energy majors Woodside Petroleum and Oil Search ended down about half a percent each.
Sirtex Medical soared 14 percent after the liver cancer treatment group posted improved first-half earnings and flagged higher second-half sales. Similarly, copper and gold producer OZ Minerals gained 1 percent after the company exceeded its own full-year production guidance.
In economic news, readings on Australian consumer confidence and new home loan approvals painted a positive picture of the economy.
Seoul stocks fell on institutional selling due to some profit taking in major tech stocks. The benchmark Kospi declined 6.31 points or 0.25 percent to 2,515.43.
New Zealand shares rose notably despite weak cues from offshore and other regional markets. The benchmark S&P/NZX-50 index ended 47.13 points or 0.57 percent higher at 8,297.67.
Dairy processing firm A2 Milk rallied 3.1 percent after it unveiled plans to expand its business in the United States. Synlait Milk shares advanced 3.7 percent.
Singapore's Straits Timex index was moving down 0.1 percent after data showed the country's non-oil domestic exports increased at a slower-than-expected pace in December.
Indonesian shares were marginally higher, the Taiwan Weighted rose 0.2 percent and India's Sensex was rising half a percent while Malaysia's KLSE Composite index was down 0.1 percent.
Overnight, U.S. stocks pulled back from record highs to end in the red as investors pondered the possibility of a government shutdown.
Better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH) helped limit overall losses to some extent.
The Dow finished marginally lower while the tech-heavy Nasdaq dropped half a percent and the S&P 500 shed 0.4 percent.
The U.S. Congress needs to pass a spending bill by the end of Friday to avoid a government shutdown. A point of contention between Republicans and Democrats is an immigration bill which Democrats want to pass. Those talks have complicated efforts to keep the government open.
A special SPD convention is scheduled in Bonn on Sunday, when the delegates should approve for formal talks.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com