· Asia-Pacific shares mixed; Chinese electric carmaker Xpeng fizzles in Hong Kong debut
Shares in Asia-Pacific were mixed on Wednesday following losses on Wall Street with the S&P 500 ending its seven-day winning streak.
· China shares rise as Beijing steps up law enforcement on securities market
China shares rose on Wednesday, with the new-energy vehicle sector leading gains, as the government stepped up supervision of Chinese firms listed offshore and announced new measures to protect the rights of investors.
Chinese electric carmaker Xpeng made its debut in Hong Kong on Wednesday. Shares slipped about 0.3% from their issue price in afternoon trade after rising nearly 2% in the early moments of trading. The broader Hang Seng index in the city slipped 0.73%, as of its final hour of trading.
Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.66% to 3,553.72 while the Shenzhen component advanced 1.857% to 14,940.05.
· Japanese shares weighed by chip stocks as COVID-19 worries persist
Japanese shares fell on Wednesday, pressured by chip-related stocks, with worries over a resurgence of COVID-19 infections ahead of the Tokyo Olympics weighing on sentiment.
In Japan, the Nikkei 225 dropped 0.96% to close at 28,366.95 while the Topix index declined 0.86% to end the trading day at 1,937.68.
South Korea’s Kospi shed 0.6% on the day to 3,285.34.
Over in Australia, the S&P/ASX 200 closed 0.9% higher at 7,326.90.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%.
· China steps up supervision of overseas-listed firms after Didi IPO drama
· FTSE says to add Didi in indexes as planned on July 8, barring trade halt
· HSBC says drop in Chinese tech stocks is a buying opportunity
Alexander Davey of HSBC Global Asset Management says a number of Chinese tech stocks have begun to move from American depositary receipts to relisting into domestic markets in Asia and Hong Kong.
· European markets advance, breaking from muted global sentiment
European stocks moved higher on Wednesday, diverging from a more cautious and uncertain tone among global markets.
The pan-European Stoxx 600 climbed 0.6% in early trade, with basic resources adding 1.6% to lead gains as almost all sectors and major bourses entered positive territory.
· Markets have been stable this year, but expect ‘wobbles’ ahead, UOB strategist says
Anthony Raza of UOB Asset Management says historically markets tend to undergo wobbles, moving from a “super-heated” growth to a more “normalized” growth after.
· Evercore’s Mark Mahaney breaks down the tech trade as Amazon and Microsoft hit new highs
Reference: CNBC, Reuters
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