Asian stocks mixed as trade concern lingers

Bloomberg 

Asian stocks traded mixed Wednesday and US futures dropped as traders remained cautious in the face of trade tensions.

The New Zealand dollar fell more than 2% after the central bank cut interest rates by more than expected.

Shares declined in Hong Kong and Korea, and were little changed in Japan and China. S&P 500 Index futures fell despite a surge in the benchmark on Tuesday that went some way to easing the slump in the previous session.

The yuan dipped following a slightly weaker-than-forecast fixing for its daily rate. The kiwi accelerated its slide after the central bank chief flagged the possibility of negative rates going forward.

Australia’s dollar tumbled about 1% to the lowest since 2009, yields sank and stocks advanced on speculation the central bank may follow its New Zealand counterpart. Treasuries nudged higher. The yen gained and gold futures rallied above $1,500 an ounce as havens remained in favour.

Steinhoff considers IPO of Pepkor Europe

Steinhoff International Holdings is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.

The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private. The business - which owns the Pepco and Dealz chains as well as Poundland in the UK - could sell shares in the next year, the people said.