Nikkei Leads Asian Losses

Asia-Pacific markets traded lower Wednesday, following declines on Wall Street, with Japan’s Nikkei leading losses in the region.

In Japan, the Nikkei 225 index collapsed 730.25 points, or 1.8%, to 39,180.30.

In Hong Kong, the Hang Seng Index lost 31.94 points, or 0.2%, to 20,286.85.

Hong Kong’s chief executive John Lee pledged to bolster the government’s focus on people’s livelihoods in his annual policy address, including steps to reduce wait times for public housing.

The city’s leader also vowed to streamline procedures for companies seeking to list in Hong Kong and to attract more international company listings on the city’s stock exchange.

Traders in Asia, meanwhile, assessed economic data from the region. New Zealand reported that its consumer prices index for the third quarter rose 2.2% year on year, in line with economists’ expectations in a Reuters poll. It climbed 0.6% on quarter, slightly lower than the anticipated 0.7%.

South Korea’s seasonally-adjusted unemployment rate came in at 2.5% in September, compared to 2.4% in August.

CHINA

In Shanghai, the CSI 300 dived 24.4 points, or 0.2%, to 3,831.59.

Investors will be watching for more stimulus measures to prop up the real estate sector in China with the country’s housing minister set to hold a press briefing on Thursday 10 a.m. local time, according to a statement from the State Council Information Office on Tuesday.

Ni Hong, minister of housing and urban-rural development, is expected to address the press conference along with officials from the central bank, the finance ministry and the National Financial Regulatory Administration.

Ahead of the briefing, China’s CSI 300 Real Estate Index jumped as much as 5.8%, according to data on LSEG.

In other markets

In Taiwan, the Taiex tumbled 281.06 points, or 1.2%, to 23,010.98

In Korea, the Kospi index slipped 23.09 points, or 0.9%, to 2,610.36.

In Singapore, the Straits Times Index docked 4.85 points, or 0.1%, to 3,590.62.

In New Zealand, the NZX 50 jettisoned 199.45 points, or 1.6%, to 12,641.32

In Australia, the ASX 200 subtracted 33.62 points, or 0.4%, to 8,284.75.