Asia Pacific equities put in a mixed performance on Wednesday following falls on Wall Street amid a global bonds sell-off.
Japan’s Topix rose 0.2 per cent with financials up 1.5 per cent and consumer discretionary stocks gaining 1 per cent. Subaru was among the worst performing companies on the index, falling 4.2 per cent following a report alleging the carmaker had falsified fuel efficiency data.
In Australia, the S&P/ASX 200 was flat after hitting its highest level since January 2008 in the previous session. The financials sector was 0.1 per cent higher and materials rose 0.3 per cent.
Hong Kong’s Hang Seng was also flat as financials fell 0.2 per cent and information technology stocks slipped 0.8 per cent. Casinos were having a better day with Sands China and Galaxy Entertaiment among the best performers on the index, rising 3.4 per cent and 2 per cent respectively.
Shares in South Korean cosmetics companies dipped on a report that China was to reinstate a ban on tour groups to the country after easing the restrictions last month. AmorePacific and Cosmax fell as much as 3.5 per cent and 2.9 per cent respectively. The benchmark Kospi was 0.1 per cent higher.
The S&P 500 slipped 0.3 per cent overnight as US Treasuries sold off and as the US tax bill looked set to pass despite a last-minute hitch.
The yield on the 10-year US Treasuries rose 5.6 basis points to 2.45 per cent following a sell off amid upbeat US economic data on Tuesday that saw yield climbing sharply to near the highest level since March. The yield on 10-year Japanese government bonds edged up 1 basis point to 0.043 per cent on Wednesday.
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