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Asian stocks were mainly down on Wednesday early, taking a lead on overnight declines in the United States. In the absence of other developments on the US-China trade war, investors seem to be refocusing on what Federal Reserve Chairman Jerome Powell will have to say Friday at an economic meeting in Jackson Hole, Wyoming.
From Japan Nikkei (N225) decreased by 0.3%. From Hong Kong Hang Seng Index (HSI) decreased by 0.3%. From China Shanghai Composite Index (SHCOMP) slightly decreased by 0.2%. South Korea Kospi (KOSPI) was up 0.5%.
"There is a definite sense that the markets have entered a sustaining trend" before what Powell has to say, writes Jeffrey Halley, Oanda's senior market analyst for Asia-Pacific, in a statement. a research note. Investors strongly expect the Fed to lower rates in September. The US central bank will also release the minutes of its last meeting on Wednesday, during which it lowered its rates by a quarter of a percentage point for the first time since 2008.
Chinese smartphone maker Xiaomi fell 3.8% in Hong Kong. The company said on Tuesday night that its sales reached 51.95 billion yuan ($ 7.36 billion) in the second quarter, a figure lower than analysts' expectations, according to Refinitiv. The company posted net profit of 1.95 billion yuan ($ 277 million) in the quarter, down 87 percent from a year earlier. The company has guided investors towards adjusted earnings that exceed expectations.
Competition in the Chinese smartphone market is particularly fierce and Xiaomi has lost market share to rivals such as Huawei.
Later in the day, the Indian central bank will release the minutes of its August meeting. The Reserve Bank of India lowered its key interest rate to a nine-year low earlier this month, with the aim of supporting the declining economy.
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