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Asian shares fall after weak US earnings Asian shares reverse losses to trade higher
(about 4 hours later)
Asian shares traded lower on Wednesday with markets tracking losses on Wall Street on Tuesday. Asian shares reversed earlier losses to trade higher on Wednesday despite big falls in US shares on Wall Street.
US shares were depressed by some disappointing corporate results, with big companies like Microsoft and DuPont being hit by the stronger dollar. US shares were depressed by some disappointing company results, with big companies like Microsoft and DuPont being hit by the stronger dollar.
Investor confidence was also undermined by a 3.4% drop in US durable goods orders in December. But in Japan, the Nikkei 225 closed up 0.2% at 17,795.73 - its highest since 29 December - on expectations of strong company earnings.
In Japan, the Nikkei 225 was down 0.3% to 17,724.11 after closing at its highest since late December on Tuesday. The dollar was barely unchanged at 117.92 yen from 117.90 yen in US trade.
The dollar was at 117.86 yen from 117.90 yen in US trade. Sony shares rose 2.7% after reports said it planned to cut about 1,000 more jobs in its struggling smartphone division.
Chinese shares also headed lower with the Shanghai Composite down 0.8% to 3,325.26. Chinese markets were mixed, with the Shanghai Composite dropping 1.4% to 3,306.11 while Hong Kong's Hang Seng index was up 0.1% at 24,835.16.
In Hong Kong, the Hang Seng index was lower by 0.3% to 24,730.63. Australian shares closed higher after data showed that consumer inflation rose at its slowest annual pace in two and half years in the fourth quarter as fuel prices plunged.
Australian shares headed lower after data showed that inflation rose at its slowest annual pace in two and half years in the fourth quarter as fuel prices plunged. However, core inflation increased by 0.7% which was above expectations and economists say there is a diminishing chance of an interest rate cut by the Australian central bank.
But, core inflation increased by 0.7% which was above expectations. The S&P/ASX 200 rose 0.1% to 5,551.6 - the fifth consecutive session it has risen.
Economists say there is a diminishing chance of an interest rate cut by the Australian central bank. In South Korea shares reversed losses to close at a seven-week high, with the benchmark Kospi index up 0.5% at 1,961.58.
The S&P/ASX 200 was down 0.3% to 5,532 points.
In South Korea, shares were lower after closing at a one-month high in the previous session.
The benchmark Kospi index was down 0.2% to 1,949.11.