Bloomberg News
Asian stock markets were mixed early Wednesday, as rising oil prices and trade tensions continued to set the tone for trading
Japan’s Nikkei fell 0.5%, with oil consumers lagging on crude’s overnight pop following a U.S. official’s comments warning the world to end Iranian oil imports or face sanctions. Major shipper Mitsui OSK was down 3.4% while airline operator ANA fell 1.6%. Conversely, energy stocks were up with oil explorer Japan Petroleum Exploration rising 1.9% and distributor JXTG climbing 2%.
Chinese stocks opened little changed, a day after the Shanghai Composite hit fresh two-year lows and entered bear-market territory to join Shenzhen index at least 20% below their most recent highs.
Hong Kong stocks started slightly higher, as the Hang Seng looked to end its slump after closing down seven of the past nine days to hit six-month lows. Insurer AIA was 0.4% higher, while energy stocks jumped, with CNOOC 5.7% higher and PetroChina up 1.9%.
China’s largest steel-trading platform filed an IPO application in Hong Kong, with Zhaogang.com said to be seeking to raise around $500 million. The move marks the third major Chinese company with a dual-class structure to seek a listing in Hong Kong following recent rule changes, following smartphone maker Xiaomi and Chinese tech startup Meituan.
South Korea’s Kospi reversed early gains, as losses by automakers and steelmakers outweighed gains by tech companies. Posco fell while Samsung gained.
Stocks in Malaysia , Singapore and Taiwan were up modestly, as were benchmarks in Australia and New Zealand .