Asia stocks showed a mixed performance on Wednesday, with Chinese technology stocks experiencing a setback following a recent rally. The Hang Seng Index dropped by 0.14% to 22,944.24, while the Shanghai Composite rose by 0.81% to 3,351.54. Japan's Nikkei 225 slipped by 0.27% to 39,164.61 due to concerns over potential tariffs on car imports by U.S. President Donald Trump, which could impact Japan's economy negatively.
On the other hand, South Korea's KOSPI gained 1.7% to reach 2,671.52, while Australia's S&P/ASX 200 fell by 0.73% to 8,419.20. In early European trading, France's CAC 40 was down by 0.20%, Germany's DAX remained relatively stable, and Britain's FTSE 100 declined by 0.21%.
Chinese technology stocks faced a decline, with Alibaba's Hong Kong-traded stock falling by 1.74% and Baidu dropping by 2.05% after reporting a 2% decrease in revenue for the fourth quarter compared to the previous year. Tencent and Meituan also saw their stocks slip by 1.13% and 3.01%, respectively.
The U.S. stock market, however, reached a record high as the S&P 500 edged higher on Tuesday, with the Dow Jones Industrial Average gaining slightly and the Nasdaq composite rising by 0.1%. In energy trading, benchmark U.S. crude increased by 70 cents to $72.53 a barrel, while Brent crude rose by 60 cents to $76.44 a barrel.
Regarding currency trading, the U.S. dollar weakened against the Japanese yen, trading at 151.76 yen compared to 152.01 yen previously. The euro also saw a decline, costing $1.0426 down from $1.0446.
Overall, market movements were influenced by various factors including geopolitical tensions, trade concerns, and company-specific developments, shaping the global economic landscape.
