Japan stocks led declines in Asia-Pacific markets on Wednesday, with investors closely analyzing earnings reports from major Japanese companies like Toyota Motor and Mitsubishi.
The Nikkei 225 in Japan dropped by 1.63% to close at 38,202.37, while the broader Topix index ended 1.45% lower at 2,706.43. Both indexes reached their lowest levels in nearly two weeks.
In Singapore, United Overseas Bank saw a 2.9% decrease despite reporting a net profit of 1.47 billion Singapore dollars ($1.08 billion) for the first quarter, beating analysts’ estimates. The Straits Times Index fell by 1.29%.
Investors are eagerly awaiting China’s April trade data and Japan’s March pay numbers, both scheduled for release on Thursday.
Hong Kong’s Hang Seng index fell by 0.77%, while mainland China’s CSI 300 index lost about 0.8%, closing at 3,630.22.
Hyundai Marine Solution’s shares nearly doubled in their trading debut following the South Korean ship maintenance firm’s IPO, the country’s largest since January 2022.
The Kospi in South Korea climbed by 0.39% to reach its highest level in over a month at 2,745.05. The small-cap Kosdaq also rose by 0.13%, hitting a one-month high of 872.42.
Australia’s S&P/ASX 200 increased by 0.14%, marking a five-day winning streak as it closed at 7,804.5.
In the US, the Dow Jones Industrial Average recorded its fifth consecutive day of gains. The S&P 500 edged up by 0.13%, while the Nasdaq Composite slipped by 0.1%.
Shell announced the sale of its refinery and chemicals assets in Singapore to CAPGC, a joint venture between Indonesia’s Chandra Asri Capital and Swiss miner Glencore Asian Holdings. The deal is expected to be completed by the end of 2024.
Toyota Motor forecasted lower operating profit for the current financial year, expecting a 20% decrease compared to the previous year. Despite initially dipping by 0.7%, Toyota’s shares later rose by 0.9%.
United Overseas Bank reported a first-quarter net profit of 1.47 billion Singapore dollars, a 2% decline compared to the same period last year. However, net fee income grew by 5% year over year.
Nintendo’s shares fell by almost 4% after announcing its fourth-quarter results, which forecasted a 39% year-on-year decline in net profit for the fiscal year ended March 2025.
Lastly, Chinese tech stocks experienced a decline, with JD.com slipping by 1.8% and Alibaba falling by nearly 3%. The KraneShares CSI China Internet ETF was down by 2.5%, partially erasing its year-to-date gains.
