Nikkei-225 hits 34-yr high

Tokyo: Asian shares were trading mostly lower on Wednesday after a decline overnight on Wall Street, while Tokyo’s main benchmark momentarily hit another 30-year high. Japan’s benchmark Nikkei-225 gained 0.2 per cent in afternoon trading to 35,701.41. The Nikkei has been hitting new 34-year highs, or the best since February 1990 during the so-called financial bubble. Buying focused on semiconductor-related shares, and a cheap yen helped boost exporter issues.

Australia’s S&P/ASX 200 slipped 0.3 per cent to 7,393.10. South Korea’s Kospi dropped 2.0 per cent to 2,447.09. Hong Kong’s Hang Seng Dove nearly 3.1 per cent to 15,381.84 pts. The Shanghai Composite shed 0.9 per cent to 2,868.96. Official Chinese data released Wednesday showed that the Chinese economy grew 5.2 per cent for 2023, surpassing the target of about five per cent that the government had set. That growth was likely helped by 2022’s GDP of just 3 per cent as China’s economy slowed due to Covid-19 and nationwide lockdowns during the pandemic.

Investors were keeping their eyes on upcoming earnings reports, as well as potential moves by the world’s central banks, to gauge their next moves. Wall Street slipped in a lackluster return to trading following a three-day holiday weekend. The S&P 500 fell 17.85 points, or 0.4 per cent, to 4,765.98. The Dow Jones Industrial Average dropped 231.86, or 0.6 per cent, to 37,361.12, and the Nasdaq composite sank 28.41, or 0.2 per cent, to 14,944.35.

Spirit Airlines lost 47.1 per cent after a U.S. judge blocked its takeover by JetBlue Airways on concerns it would mean higher airfares for flyers. JetBlue rose 4.9 per cent. Stocks of banks were mixed, meanwhile, as earnings reporting season ramps up for the final three months of 2023.