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Asia Market Report Asia Market Report
(about 5 hours later)
Asian markets are mixed on Wednesday, with the bigger bourses taking their cue from the US. Asian markets were mixed on Wednesday, with geopolitical concerns creating uncertainty for investors.
Uncertainty about the situation in the Middle East hit US stocks. Wall Street headed south on news of the first US-led air strikes in Syria against Islamic State fighters. On Tuesday, US stocks had been hit by news of the first US-led air strikes in Syria against Islamic State fighters.
Japan's Nikkei index was down 0.3% by midday trade, while the Australian market was 0.7% lower. Some Asian markets took their cue from the US, with Japan's Nikkei index closing down 0.2% at 16,167.45.
However, stock markets in Hong Kong and China were trading higher. However, investor confidence in Hong Kong and China was helped by a better-than-expected survey of Chinese manufacturing activity.
This helped the Hang Seng index in Hong Kong to close up 0.35% at 23,921.61 while China's Shanghai Composite rose 1.5% to 2,343.57.
Shares of Chinese mobile phone operators were higher, on expectations of Apple's latest iPhone models being available on the mainland.Shares of Chinese mobile phone operators were higher, on expectations of Apple's latest iPhone models being available on the mainland.
China Mobile added 0.7% while rival China Telecom gained 1.7%, on local media reports that Apple's iPhone 6 is in the final stage of review for approval. China Telecom shares rose 5.2% on local media reports that Apple's iPhone 6 is in the final stage of review for approval.
In Australia, shares of National Australia Bank were down by 1%. According to the Reuters news agency, Australia's fourth-largest lender is weighing the sale of its insurance unit, which is valued at around $700m. The insurance business has been a drag on the bank's earnings. In Australia, the ASX 200 share index ended down 0.7% at 5,375.77.
On Wall Street overnight, Alibaba shares fell 3% on profit taking. But Desmond Chua from CMC markets said: "The decline may be short-lived, however, given CEO Jack Ma's refreshing take on 'customers first, employees second and shareholders last'. " Shares of National Australia Bank fell 1.4%. According to the Reuters news agency, Australia's fourth-largest lender is considering selling its insurance unit, which is valued at about $800m. The insurance business has been seen as a drag on the bank's earnings.
Alibaba shares started trading on the New York Stock Exchange last week at $92.70 per share - 38% jump from the issue price of $68. The share sale raised $25bn for China's e-commerce giant. On Wall Street overnight, Alibaba shares fell 3% on profit taking. Alibaba shares started trading on the New York Stock Exchange last week at $92.70 per share - a 38% jump from the issue price of $68. The share sale raised $25bn for China's e-commerce giant.