Japan markets move lower with automakers

By Baystreet Foreign Markets Wrap

Asia markets were mostly lower on Wednesday.

In Japan, the Nikkei 225 tumbled 159.66 points, or 0.7%, to 24,110.96. The Japanese yen lost its earlier gains to trade lower at 113.82 against the U.S. dollar.

Shares of major Japanese automakers fell on the back of poor September auto sales in the U.S., with Toyota falling by 2.9% while Honda saw losses of 4.3% on Wednesday.

Some analysts, however, say the drop in auto sales should not be a major concern.

In Hong Kong, the Hang Seng index dropped 35.12 points, or 0.1%, to 27,091.26.

On Wednesday, Japan’s Sharp announced that it would be selling its first smartphone with an organic light-emitting diode (OLED) screen in Japan later in 2018. The company also said it was looking to sell its OLED screens to other smartphone makers even though no deals had been reached yet.

Sharp’s entry comes as it seeks to catch up with other manufacturers such as South Korea’s Samsung Electronics and LG Display.

Following the announcement, shares of Sharp declined by 1% for the day while stocks of parent company Hon Hai Precision Industry’s slipped by 0.4%

Australian markets regained some of their luster, with shares of gold miners rising. Newcrest Mining saw a gain of 3.3% while Evolution Mining was higher by 3.8%. The Australian dollar remained lower at $0.7171U.S.

Markets in mainland China and Korea were closed for holiday

In other markets

In Singapore, the Straits Times STI index regained 24.75 points, or 0.8%, to 3,267.40

In Taiwan, the Taiex index hurtled earthward 55.69 points, or 0.5%, to 10,863.94

In New Zealand, the NZX 50 slid 32.64 points to 9,293.95

In Australia, the ASX 200 recovered 19.86 points, or 0.3%, to 6,146.07

This article provided by NewsEdge.