Chinese stocks recede, while other Asian markets resume gains


Asian stock markets largely started off with gains for the second day in a row early Wednesday, although Chinese indexes stumbled after Tuesday’s rally.

A day after near-3% bounces from multiyear lows, Chinese benchmarks were down slightly as the Trump administration confirmed it would impose 25% tariffs on $16 billion in Chinese imports later this month. The Shanghai Composite

SHCOMP, -1.27%

  was down 0.5% and the Shenzhen Composite

399106, -1.90%

  slipped 0.4%.

Hong Kong stocks eked out gains as a pair of notable IPOs launched. The Hang Seng Index

HSI, +0.15%

  was up 0.1%, with tech and energy stocks leading the gains. Tencent

0700, +2.13%

  was up 1.5% while PetroChina

0857, +2.89%

  gained 2.6%. Meanwhile, China Tower was sticking around its IPO price in initial trading while Nasdaq-listed biotech BeiGene was off 3.2% as its secondary offering started trading.

Financials and tech helped push Japan’s Nikkei

NIK, -0.08%

  to a 0.4% gain. SoftBank

9984, +4.78%

  was strong again, up 3.8% more amid word that it plans to invest in Alibaba’s enlarged delivery-services unit. Meanwhile, the financial-business subsection climbed nearly 2% in morning trading.

Elsewhere, South Korea’s Kospi

SEU, +0.06%

  inched up, as did benchmarks in Taiwan

Y9999, +0.84%

 , Australia

XJO, +0.23%

  and New Zealand

NZ50GR, -0.04%

 , while Singapore’s Strait Times Index

STI, -0.72%

  fell nearly 1%.

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