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| China shares lower in volatile trade | |
| (about 2 hours later) | |
| Mainland China shares closed lower after plunging more than 6% the day before, rattling global markets. | |
| The Shanghai Composite closed down 0.18% at 4,611.74 after turning positive for a period during the day. | |
| Analysts said there were a number of reasons for the drops in the past two days, including brokerages tightening lending rules on margin financing. | Analysts said there were a number of reasons for the drops in the past two days, including brokerages tightening lending rules on margin financing. |
| Another wave of new share offerings next week is also expected to remove liquidity from the market. | Another wave of new share offerings next week is also expected to remove liquidity from the market. |
| Also, a state-owned investment firm said it had sold shares in the top four banks. | Also, a state-owned investment firm said it had sold shares in the top four banks. |
| Central Huijin Investment confirmed it sold some mainland-listed shares in China's top four banks and other financial institutions. It also sold some Exchange Traded Funds. | Central Huijin Investment confirmed it sold some mainland-listed shares in China's top four banks and other financial institutions. It also sold some Exchange Traded Funds. |
| News of the sale was cited by traders as one factor behind the plunge in Chinese shares. | News of the sale was cited by traders as one factor behind the plunge in Chinese shares. |
| Hong Kong's Hang Seng index closed down 0.11% to 27,424.19 points. | |
| The mainland benchmark index has surged more than 140% in the past 12 months, despite a slowing Chinese economy. | The mainland benchmark index has surged more than 140% in the past 12 months, despite a slowing Chinese economy. |
| Japanese economic data | Japanese economic data |
| Shares in Japan closed higher for the 11th consecutive day after government data gave conflicting messages about the economy. | Shares in Japan closed higher for the 11th consecutive day after government data gave conflicting messages about the economy. |
| Inflation was roughly flat in April with core consumer prices rising 0.3%, while household spending was down 1.3% from a year ago. Economists had been expecting spending to rise. | Inflation was roughly flat in April with core consumer prices rising 0.3%, while household spending was down 1.3% from a year ago. Economists had been expecting spending to rise. |
| However, the jobless rate fell to 3.3% from 3.4% in March, while industrial output rose 1% - rising for the first time in three months. | However, the jobless rate fell to 3.3% from 3.4% in March, while industrial output rose 1% - rising for the first time in three months. |
| The Nikkei finished up 0.06% to 20,563.15, making it the longest rising streak since a 13-day run in February 1988. | The Nikkei finished up 0.06% to 20,563.15, making it the longest rising streak since a 13-day run in February 1988. |
| Shares in Yahoo Japan rose more than 11% following a local report that the internet giant will team up with Chinese e-commerce firm Alibaba to expand in the Chinese market. | Shares in Yahoo Japan rose more than 11% following a local report that the internet giant will team up with Chinese e-commerce firm Alibaba to expand in the Chinese market. |
| Rest of Asia | Rest of Asia |
| In Australia, the S&P/ASX 200 closed up 1.1% to 5,777.2, boosted by commodity stocks. | In Australia, the S&P/ASX 200 closed up 1.1% to 5,777.2, boosted by commodity stocks. |
| A weaker US dollar has helped copper and aluminium recover some losses, while iron ore prices held steady. | A weaker US dollar has helped copper and aluminium recover some losses, while iron ore prices held steady. |
| Shares in heavyweight miners BHP Billiton and Rio Tinto were up 1.3% and 1% respectively. | Shares in heavyweight miners BHP Billiton and Rio Tinto were up 1.3% and 1% respectively. |
| South Korean shares were higher, with the benchmark Kospi ended up 0.2% to 2,114.80. | South Korean shares were higher, with the benchmark Kospi ended up 0.2% to 2,114.80. |
| Investors appeared to ignore country data that showed industrial production fell in April for a second month in a row - declining by a seasonally adjusted 1.2%, after falling 0.3% in March. | Investors appeared to ignore country data that showed industrial production fell in April for a second month in a row - declining by a seasonally adjusted 1.2%, after falling 0.3% in March. |