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Asia shares lower on US rate hike talk Asia shares mostly higher despite US rate rise talk
(about 5 hours later)
Asian shares headed lower on Wednesday as investors weighed up the growing risks of a US interest rate rise as early as next month. Asian shares made small gains despite investors mulling the prospect of a US rate rise as early as next month.
The latest hint came after Atlanta Federal Reserve president Dennis Lockhart told the Wall Street Journal that it would take significant deterioration in the economy for him not to support a rise in September. Atlanta Federal Reserve president Dennis Lockhart told the Wall Street Journal that it would take significant deterioration in the economy for him not to support a rise in September.
The dollar rose against the yen, hitting 124.34 from 123.77 on Tuesday. Japan's Nikkei index closed up 0.5% at 20,614.06.
The Nikkei fell 0.2% to 20,489 points. The market was bolstered by construction shares after a rise in earnings at Kajima Corp.
Shares of car maker Toyota weighed on the Japanese index, falling 2.7% despite reporting that its net profit for the June quarter jumped 10%. However, shares in carmaker Toyota fell 2.4% despite the carmaker reporting a 10% rise in quarterly profits.
The shift to higher rates in the US has been resulted in the withdrawal of funds from emerging markets, putting pressure on their currencies. In China, the Shanghai Composite was 0.1% higher at 3,762.39, while Hong Kong's Hang Seng index rose 0.4% to 24,507.50.
South Korean shares were flat, with the Kospi index at 2,027 points. Investors' confidence was boosted by a survey that indicated activity in China's services sector expanded at its fastest pace in 11 months in July.
In China, the Shanghai Composite was down 0.1% to 3,750 points, while Hong Kong's Hang Seng index was up 0.3% to 24,478 points. The Caixin/Markit services purchasing managers' index rose to 53.8 from June's 51.8 - also marking its 12th consecutive month of expansion. A reading above 50 indicates growth in the sector.
In Australia, the S&P/ASX 200 index was 0.8% lower at 5,654 points despite commodity prices steadying. In South Korea, Kospi index closed up 0.1% at 2,029.76, while in Australia the S&P/ASX 200 index ended down 0.4% at 5,674.