China’s Shenzhen stocks down 2% in mixed Asia trade; EV maker Xpeng plunges more than 10%
Asia-Pacific shares were mixed on Wednesday after the Dow Jones Industrial Average and S&P 500 posted their third day of losses in the U.S.
Mainland China markets slipped. The Shenzhen Component led losses regionally, tumbling 2.88% to end the session at 12,096.39. The Shanghai Composite was 1.86% lower to close at 3,215.20.
Hong Kong’s Hang Seng index dropped 1.07% in the final hour of trade, with the Hang Seng Tech index losing 2.72%. Electric vehicle maker Xpeng plunged more than 12% after it reported a wider-than-expected quarterly loss.
Japan’s Nikkei 225 closed 0.49% lower at 28,313.47 and the Topix also ended the session 0.22% lower at 1,967.18.
The S&P/ASX 200 in Australia gained 0.52% to 6,998.1 while South Korea’s Kospi was up 0.5% at 2,447.45 and the Kosdaq advanced 1.24% to 793.14
Overnight in the U.S., the Dow slipped 154.02 points, or 0.47%, to 32,909.59. The S&P 500 dropped 0.22% to 4,128.73, and the Nasdaq Composite was slightly lower at 12,381.30.
Federal Reserve Bank of Minneapolis President Neel Kashkari pointed towards supply-side shocks driving “half to two-thirds” of the nation’s high inflation.
“The more help we get from the supply side, the less the Fed has to do, and the better we’re able to avoid a hard landing,” he said, speaking at an event at the University of Pennsylvania. He did add, however, there’s some evidence that supply chains are beginning to normalize.
Thailand’s SET briefly gives up gains as court orders Prime Minister to be suspended from duties
Thailand’s Constitutional Court ordered the nation’s Prime Minister to be suspended from his duties while it reviews a petition claiming he’s overstayed his legal term in office, Reuters reported.
The court announced it would hear a petition brought by the main opposition party that claims Prime Minister Prayuth Chan-ocha’s legally mandated eight-year term limit should include his time spent as the head of a military junta, the report said.
Deputy Prime Minister Prawit Wongsuwan will take over as interim leader, a government official said earlier in the week, according to Reuters.
The SET index briefly gave up earlier gains after the announcement, but was last 0.2% higher.
