SINGAPORE — Stocks in Asia-Pacific were lower in Wednesday trade, as investors reacted to a speech from Chinese President Xi Jinping.
Mainland Chinese stocks were lower, with the Shanghai composite down about 0.6% while the Shenzhen component declined 0.683%. The Hang Seng index in Hong Kong slipped fractionally.
Hong Kong-listed shares of China Evergrande Group tanked by more than 16% after the firm announced a share placement with estimated gross proceeds of 4.3 billion Hong Kong dollars ($555 million).
That came following reports that the company was looking to raise up to $1.1 billion from the share placement. The property developer has been in the spotlight recently amid concerns over its cash position.
In Japan, the Nikkei 225 bucked the overall trend among the region's major markets as it rose slightly while the Topix index shed 0.38%. South Korea's Kospi declined 0.85%.
Meanwhile, shares in Australia were lower, with the S&P/ASX 200 slipping 0.12%.
Over in Southeast Asia, the Straits Times index in Singapore dipped 0.62% after official estimates showed the country's economy contracted 7% in the third quarter as compared to a year ago.
MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.22%.
Xi's speech
Investors reacted to a speech by Chinese President Xi Jinping in Shenzhen on Wednesday, as the Shenzhen Special Economic Zone celebrated the 40th anniversary of its establishment.
Xi emphasized the importance of protecting the "legitimate rights and interests of entrepreneurs, property rights as well as intellectual property rights in accordance with the law," according to a translation of his speech. That would "motivate entrepreneurs to start up and develop their businesses," he said.
State media outlet Xinhua reported Sunday that the country "unveiled a new comprehensive reform plan for Shenzhen," giving local authorities there a "more direct and greater say in business" in areas such as carrying out market-based economic reforms.
Mixed picture for Apple suppliers
Shares of Apple suppliers in the region were also watched after the Cupertino-based tech giant unveiled its latest iPhone lineup on Tuesday.
In Japan, shares of Taiyo Yuden slipped 0.13% while Murata Manufacturing added 0.21%. Over in South Korea, LG Display jumped 1.86%. Largan Precision's stock in Taiwan dipped 0.51% while Taiwan Semiconductor Manufacturing Company shed 0.87%.
Overnight on Wall Street, the Dow Jones Industrial Average dropped 157.71 points, or 0.6%, to close at 28,679.81. The S&P 500 ended its trading day 0.6% lower at 3,511.93 while the Nasdaq Composite dipped 0.1% to close at 11,863.90.
The declines stateside came on the back of negative coronavirus treatment developments. U.S. regulators paused Eli Lilly's trial of a coronavirus antibody treatment due to safety concerns. That came after Johnson & Johnson's coronavirus vaccine trial was paused after a participant had an unexplained illness.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.548 following levels below 93.3 seen earlier this week.
The Japanese yen traded at 105.43 per dollar, having seen levels around 105.3 against the greenback earlier in the trading week. The Australian dollar changed hands at $0.7167 following its decline this week from levels above $0.72.
Oil prices edged lower in the afternoon of Asian trading hours, with international benchmark Brent crude futures down 0.24% to $42.35 per barrel. U.S. crude futures also shed 0.27% to $40.09 per barrel.
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October 14, 2020 at 06:36AM
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Asia-Pacific stocks slip as investors react to speech by China's Xi; Evergrande shares in Hong Kong tumble - CNBC
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