Asian Stocks
Stocks in the Asian region were seen trading lower on Wednesday; following a retreat on Wall Street on concerns over the pace the Federal Reserve will raise interest rates. Meanwhile markets in Hong Kong resumed opening in the red territory.
Hong Kong’s Hang Seng index declined 1.27% to 24,870.61 points, while the Chinese benchmark Shanghai Composite lost 0.55% to 2,313.63 points
China’s largest developer, China Vanke and China Resources slumped 3.4% and 4.5% respectively after reports showed that the number of homes sold in China last week declined by 35%.
Hon Hai, the company that assembles Apple products, slumped after the Apple unveiled the new iPhone 6 and iWatch. Sands China fell 2.7% to HK$46.55, while Galaxy Entertainment decreased 2.4% to HK$54.65.
The Japanese Nikkei 225 index slid 0.44% lower to 15,679.61 points, while Tokyo’s Topix index edged 0.09% to 1,298.59 points at the time of writing.
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The Japanese yen traded flat against the US dollar on Wednesday, trading around 106.18 against the greenback.
In Japan, Apple Suppliers, Sharp and Japan Display lost more than 1% each after Apple introduced the new iPhone 6 and iWatch overnight. Pioneer fell by 3%, while Casio Computer slumped 2% lower.
A report released showed that Japan’s core machinery orders rose 3.5% in July on a monthly basis, compared to analysts forecast of a 4.1% rise.
South Korean markets were closed for a public holiday.
Australia
In Sydney, the benchmark S&P/ASX 200 index edged 0.87% lower to trade at 5,559.30 points as miners weighed on the index after spot iron ore prices fell to a record low.
Sumitomo Metal fell 4.5% to 1,635.50 yen, while Fortescue Metals, the nation’s third-largest iron ore miners lost 2% to A$3.96, after spot iron ore prices dropped a further 0.5% overnight to $83.2 per ton. BHP Billiton and Rio Tinto tumbled 0.9% and 0.5 respectively.
In Australia, the Westpac-Melbourne Institute Consumer Sentiment Index came in lower than forecasted, falling to a four-month low of 4.6%.
European Stocks
Stocks in Europe traded lower on Wednesday as the market focus on the central bank’s next step over possible rate hikes and BoE Governor Carney’s upcoming speech.
The Euro Stoxx 50 lost 0.44% to 3,231.07 at the time of writing. While German’s DAX index fell 0.38% to 9,673.71.
In France, the benchmark CAC 40 index edged 0.30% lower to 4,439.09 at the time of writing, while the nation’s non-farm payrolls came in line with forecasts, rising by 0.1% in the second quarter, the National Institute for Statistics and Economic Studies said.
UK’s FTSE 100 index declined 0.17% to 6,818.45 as politicians in the UK, including Prime Minister joins the Scottish ‘No’ campaign, aiming to gather voters to opt for the rejection of the Scottish Independence.
Later in the day, members of the Bank of England’s Monetary Policy Committee, including Governor Mark Carney, are expected to give speeches at the inflation report hearing in front of the Treasury Select Committee.
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