Asian Markets Lower as Hong Kong Beats the Trend

Most major Asian and Pacific Rim markets were broadly lower this morning, despite a strong close on Wall Street overnight. The Hong Kong Exchange bucked the trend as shares rose.

In Japan, the Nikkei 225 was down 0.14 percent. There were broad gains with auto and financial plays. Major automakers rose as Toyota was up 2.02 percent, Honda gained 2.42 percent and Mitsubishi Motors jumped 3.93 percent. Financial stocks were also up with Sumitomo Mitsui Financial Group rising 2.24 percent and Mitsubishi UFJ gaining 1.55 percent. Energy stocks also rose with Inpex gaining 2.75 percent.

Shares of SoftBank and Fast Retailing, two heavily weighted stocks on the Nikkei fell 0.56 percent and 0.72 percent, respectively.

Elsewhere in the Asian time zone, in Australia, the S&P SX 200 lost 0.52 percent later in the day as most sectors lost ground. The gold sub index fell by a hefty 1.73 percent. This meant that miners struggled. Newcrest was down 2.11 percent, Evolution Mining lost 1.18 percent and Kingsgate took a hit sinking 6.33 percent.

Hong Kong Bucks the Asian Down Trend

In Hong Kong, the Hang Seng index was up 0.68 percent after opening flat. The index closed higher for the eleventh session in a row on Tuesday. That marked its longest win streak since 1991. The Hong Kong Exchange is now looking at its 12th consecutive day for gains. It is currently trading at 31,223.19. Hong Kong are inching towards an all-time high of 31,958.41. This was hit in 2007.

Looking at the Asian Forex markets, at 12 pm Hong Kong time, the Japanese yen traded at 112.30 yen to the dollar. This is off the high of 112.15 yen.