Asia-Pacific markets traded mostly lower Wednesday after Wall Street declined overnight as investors assessed quarterly earnings, while tariff worries continued to weigh on investor sentiment.
In Japan, the Nikkei 225 dumped 347.14 points, or 1%, to 33,920.40.
In Hong Kong, the Hang Seng plummeted 409.29 points, or 1.9%, to 21,056.98.
CHINA
In Shanghai, the CSI 300 edged up 11.59 points, or 0.3%, to 3,772.82, after China’s economy expanded by a better-than-expected 5.4% in the first quarter.
This comes even as U.S. tariff threats have prompted major investment banks to slash the country’s annual growth outlook. Reuters’ economists had expected a 5.1% expansion year on year.
UBS recently downgraded its GDP forecast for China to 3.4% for 2025, and to 3% next year. The investment bank’s chief China economist, Tao Wang, estimates that tariff hikes imposed by the U.S. on Chinese goods will cause a more than 2 percentage points drag on China’s GDP growth.
Bloomberg on Tuesday reported that China had ordered all airlines to halt deliveries of Boeing jets amid a tit-for-tat tariff war with the U.S. This move could increase chances of a negotiation, according to Louis Navellier, founder and chairman of Navellier & Associates.
In other markets
In Singapore, the Straits Times Index gained 37.73 points, or 1%, to 3,772.82
In Korea, the Kospi slid 29.98 points, or 1.2%, to 2,447.43
In Taiwan, the Taiex weakened 389.67 points, or 2%, to 19,468
In New Zealand, the NZX 50 recovered 56.58 points, or 0.5%, to 12,067.92
In Australia, the ASX 200 dipped 2.82 points, or 0.04%, to 7,758.90.