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Asia shares follow US stocks lower Asia shares in mixed trading despite US market falls
(about 1 hour later)
Shares in Asia were down in early trading, following US stocks which fell sharply as investors worried that the Federal Reserve might raise interest rates sooner than expected. Shares in Asia were mixed despite a sharp fall in US stocks, as fears of an earlier-than-expected Federal Reserve rate rise in the US worried investors.
The benchmark Nikkei 225 was down 0.35% at 18,600.43 points after closing down more than 0.6% on Tuesday. The benchmark Nikkei 225 reversed earlier losses and moved into positive territory, up 0.48% at 18,755.37 points.
The downward trend comes despite a weaker yen against the US dollar, which is good for Japan's big exporters. Shares were being given a boost as the yen weakened against the US dollar.
It makes their goods cheaper to buy overseas and boosts their earnings. A weaker yen makes Japan's exports cheaper to buy overseas and gives a boosts to company earnings.
The US dollar, which strengthened across the board on Tuesday on the rate-hike expectations, reached an almost eight-year high of 122.04 yen before falling back to 121.15 yen.The US dollar, which strengthened across the board on Tuesday on the rate-hike expectations, reached an almost eight-year high of 122.04 yen before falling back to 121.15 yen.
Japan also released its official core machinery orders for Japan on Wednesday, which showed a fall of 1.7% as companies remain concerned about the country's long-term economic outlook. The Nikkei was up despite official figures showing Japan's core machinery orders falling 1.7% in January compared to the previous month, as companies remain concerned about the country's long-term economic outlook.
In Australia, the benchmark S&P/ASX 200 index was down 1.17% at 5,755.90 in morning trade, also following the US, while analysts said falling oil and metals prices were likely to worry investors holding energy and resource stocks. Core machinery orders are seen as a measure of capital spending in the coming six to nine months and the latest figure compares with 1.9% increase in January last year.
Meanwhile, South Korea's benchmark Kospi index was down 0.72% at 1,970.45 in early trade after closing down 0.40% on Tuesday. Elsewhere in Asia
Hong Kong's Hang Seng index was flat, down just 0.04% at 23,887.30, while on the mainland, the Shanghai Composite was up 0.82% at 3,312.97.
In Australia, the benchmark S&P/ASX 200 index was down 0.42% at 5,799.70, following the US, while analysts said falling oil and metals prices were likely to worry investors holding energy and resource stocks.
South Korea's benchmark Kospi index was down 0.48% at 1,975.17 after closing down 0.40% on Tuesday.