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Asian Equities Are Mixed Today

ASIA STOCKS

Asian markets are trading lower today as concerns mount over China's economic recovery efforts. Benchmarks in Australia and China dipped, while South Korean stocks opened lower with significant losses in tech and auto shares. Hong Kong's market also declined, with New World Development shares plunging 12% after forecasting its first annual loss in two decades. In contrast, Japanese equities advanced, driven by stronger-than-expected corporate profits and a weaker yen. Meanwhile US equity futures are slightly lower ahead of a US public Holiday tonight.

  • Japanese equities advanced today, with the Nikkei 225 up 0.4% while the Topix is 0.2% higher, driven by strong corporate profits and a weakening yen. Exporters, including tech companies and automakers like Toyota, contributed significantly to the gains. Additionally, the anticipation of a less aggressive pace of U.S. Federal Reserve rate cuts supported gains in financial stocks with the Topix Banks Index up 1.10% higher.
  • South Korean equities are now trading little changed for the session. Large-cap stocks including Samsung (-0.20%) & SK Hynix (-1.20%) are offsetting any gains made today. Equity flows are mixed today, foreign investors have been slightly better buyers of tech stocks, while selling healthcare and transport names. The KOSPI is down 0.10% while the KOSDAQ is down 0.40%.
  • Taiwan equities are little today, large-cap tech stocks are mixed with TSMC up 0.30%, while Hon Hai is down 0.30%. Earlier, we had S&P Global PMI Mfg which dropped to 51.5 Aug from 52.9 in July. The Taiex is currently trading 0.10% higher.
  • Australian stocks traded lower today the decline was led by losses in mining and financial shares, reflecting investor concerns over the effectiveness of China's economic support measures and the potential for a U.S. policy shift. Earlier, MI Inflation was 2.5% in August down from 2.8% prior & Building Approvals for July jumped 10.4% vs 2.8% prior. The ASX 200 is 0.25% lower. New Zealand Equities are little changed today.
  • Asia EM equities are mostly higher today, with Indonesia's JCI up 0.55%, Singapore's Straits Times is 0.30% higher, Philippine's PSEi is 0.20% higher while Malaysia's KLCI is 0.15% lower.

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