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Asian markets down on US rate fears Asian markets down on US rate fears
(about 4 hours later)
Markets in Japan and Australia opened lower on Wednesday, tracking overnight weakness in US markets as investors brace for a possible rise in US rates.Markets in Japan and Australia opened lower on Wednesday, tracking overnight weakness in US markets as investors brace for a possible rise in US rates.
Japan's benchmark Nikkei 225 was down 0.8% - or 137.76 points - at 17,097.22. Profit-taking is adding to downward pressure after five sessions of gains. Japan's benchmark Nikkei 225 was down 0.57% - or 97.38 points at midday - at 17,137.60. Profit-taking is adding to downward pressure after five sessions of gains.
In Australia, the S&P ASX/200 also started the day lower, by 1% at 5,324.80 points. In Australia, the S&P ASX/200 was also lower, by 1.1% at 5,319.10 points.
In South Korea, the Kospi was flat with a negative bias at 1,981.29. In South Korea, the Kospi was flat with a negative bias at 1,982.26.
Over in China the Shanghai Composite was flat at 2,920.28 points. Meanwhile in Hong Kong, the benchmark Hang Seng index was down a touch, by 0.15% to 20,780.30.
US markets closed mostly lower overnight, as investors weighed the prospect of a rate hike by the US central bank - the Federal Reserve.US markets closed mostly lower overnight, as investors weighed the prospect of a rate hike by the US central bank - the Federal Reserve.
The focus in Asia will mainly be on Japan. Prime Minister Shinzo Abe reportedly due to announce a postponement in the nation's sales tax hike at a press conference later today. Softbank shares have traded up by as much as 3.5% in Tokyo, outperforming the broader market. The Japanese technology firm has disclosed it is offloading $7.9bn (£5.4bn) worth of shares in Chinese e-commerce giant Alibaba. The transaction would reduce Softbank's stake in Alibaba from 32.2% to 28%.
The next tax hike was supposed to take place in April next year, with an increase to 10% from the current 8%. But Japanese media have been reporting Mr Abe wants to move the hike to 2019. The focus in Asia will mainly be on Japan. Prime Minister Shinzo Abe is reportedly due to announce a postponement in the nation's sales tax increase at a press conference later on Wednesday.
The next increase in the tax was supposed to take place in April next year, boosting to 10% from the current 8%. But Japanese media have been reporting that Mr Abe wants to delay this until 2019.