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Asian shares reverse losses to trade higher | |
(about 4 hours later) | |
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 company results, with big companies like Microsoft and DuPont being hit by the stronger dollar. | |
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. | |
The dollar was barely unchanged at 117.92 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 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. | |
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. | |
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. | |
The S&P/ASX 200 rose 0.1% to 5,551.6 - the fifth consecutive session it has risen. | |
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. | |