Asia Mixed on China Trade Data

Asia-Pacific markets closed mixed on Wednesday, breaking ranks with Wall Street, as investors assessed China’s industrial profits data. In Japan, the Nikkei recovered 125.87 points, or 0.3%, to 42,520.27. Photographic equipment manufacturer Nikon Corporation led gains in the index, surging over 20%, as EssilorLuxottica, the maker of Ray-Ban sunglasses, considers a potential deal to raise its stake in Nikon, according to Bloomberg. In Hong Kong, the Hang Seng lost 323.16 points, or 1.3%, to 25,201.76. CHINA In Shanghai, the CSI 300 slid 66.46 points, or 1.5%, to 4,386.13. The CSI 300 has been surging recently, with some economists and banks such as Nomura pointing to “irrational exuberance.” China’s industrial profits slipped 1.5% from a year earlier in July, marking a notable recovery following months of steeper declines. In other markets In Singapore, the Straits Times index nicked higher 1.86 points, to 4,245.57. In Korea, the Kospi regained 7.8 points, or 0.3%, to 3,187.16. In Taiwan, the Taiex index popped 214.8 points, or 0.9%, to 24,519.90. In New Zealand, the NZX 50 slid 96.15 points, or 0.7%, to 12,861.84 In Australia, the ASX 200 eked higher 24.84 points, or 0.3%, to 8,960.52.