By Investors Hub
Asian stocks recovered from a weak start to close mostly higher on Wednesday despite weak overnight cues from Wall Street.
Underlying sentiment remained cautious somewhat after yields on U.S. treasury debt hit a four-year high on Tuesday on expectations of a faster pace of interest rate increases from the Federal Reserve.
Mainland Chinese markets remained closed for Lunar New Year holiday, while Hong Kong’s Hang Seng Index jumped 558.26 points or 1.8 percent to 31,431.89.
Japanese shares ended a choppy session slightly higher as a weaker yen helped offset flash data from IHS Markit showing the country’s manufacturing activity grew at a slightly slower pace in February.
The Nikkei 225 Index rose 45.71 points or 0.2 percent to 21,970.81, although the broader Topix Index finished marginally lower at 1,761.61.
Exporters ended mostly higher, with Canon, Sony and Honda Motor rising 1-2 percent. Lender Mitsubishi UFJ Financial lost 2 percent, Sumitomo Mitsui Financial shed 1.2 percent and Mizuho Financial declined 1.1 percent.
Australian shares erased initial losses to end marginally higher. BHP Billiton fell 4.8 percent after reporting its half-year results, while Rio Tinto dropped 1.6 percent to extend losses for the third consecutive session. Smaller rival Fortescue Metals Group slumped 4.7 percent.
Logistics software firm WiseTech Global lost 23.2 percent as a guidance upgrade failed to materialize. Oil & gas producer Santos tumbled 3.1 percent after reporting a hefty full-year loss. Woodside Petroleum and Origin Energy rose over 1 percent after crude oil prices advanced overnight.
Engineering firm WorleyParsons soared 7 percent as it restarted dividends for the first time since 2015. Downer EDI added 1.5 percent as it reported a first-half loss on goodwill impairment as well as writedowns.
Wesfarmers rallied 3 percent despite the retail conglomerate reporting a steep fall in first-half profit due to impairments against its UK hardware business and Target department stores.
