Market Update
Asian shares were marginally lower Wednesday after manufacturing data in China came in slightly weaker than expectations and data from Australia also showed its economy contracted by 1.2% in the March quarter for the first time in two years.
At the time of writing, the Shanghai Composite and the Hang Seng were both 0.2% and 0.1% lower respectively. The S&P/ASX 200 and the Nikkei were up 0.1% each. India's Sensex rose 0.5% on opening.
A number of surveys that will provide clues about the state of manufacturing are expected across Europe and the U.S. later this week.
Stocks on the Move
Sony Corp. rose 0.6% after its Chief Financial Officer Masaru Kato said the company will look to reduce operating losses in its television business by at least half this year.
In news related stocks, NTT DoCoMo dropped 1.2% after Moody's said the company's debt was under review for a possible downgrade. Mizuho Financial Group lost 1.6% after it was asked by regulators to restore proper services following a computer error that disrupted operations earlier this year.
Shares of small cap solar companies surged with Takashima & Co trading at a four-year high, up 7.8%.
Chinese stocks were broadly lower after official PMI data showed a decline in manufacturing activity, followed by similar data released by an HSBC survey.
Industrial and Commercial Bank of China slipped 1.3%while Poly Real Estate Group lost 0.4%. Banking and property stocks in Hong Kong also traded lower.
Major Sensex gainers on opening were state-run NTPC, Reliance Communications, Reliance Infrastructure, HDFC and Mahindra & Mahindra, all up between 1.1% and 2% each respectively.
DLF, Jaiprakash Associates and ICICI Bank reversed yesterday's gains to trade between 0.2% and 1.2% lower.
Banking stocks lost ground in Sydney after economic data that was released showed the adverse effects of floods and cyclones during the January-to-March quarter. Westpac, NAB, Commonwealth Bank and ANZ were off between 0.3% and 1.1%.
Miners BHP Billiton and Rio Tinto rose 0.9% and 0.1% respectively.
Equinox Minerals rose 1.8% after it said it would be acquired by Canada's Barrick, the world's biggest gold miner, having received regulatory approvals.