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Asian stocks recover from yuan shock Asian stocks up despite lower yuan
(35 minutes later)
Asian shares were mixed in early trading on Thursday after hefty losses the previous day in the wake of China's yuan falling to a record low. Asian shares were up despite China sending the value of its currency, the yuan lower for the third consecutive day.
The region's largest stock market, Nikkei 225 index rose by 0.4% to 20,463.14 points. Thursday's yuan guidance rate was set 1% down, a smaller margin than the shock cuts earlier in the week.
The midpoint is a guiding rate set by the government, from which trade can rise or fall 2% during the day.
The Shanghai Composite rose by 0.8% to 3,916.68 points in early trading on hopes the lower yuan will help exports.
In Hong Kong, the Hang Seng was up by 0.6% to 24,048.49 points.
The region's largest stock market, the Nikkei 225 index, rose by 0.4% to 20,471.13 after hefty losses the previous day.
That's despite core machinery orders falling 7.9% in June, down for the first time in four months, as official data showed just before markets opened.That's despite core machinery orders falling 7.9% in June, down for the first time in four months, as official data showed just before markets opened.
In South Korea, the Kospi index was unchanged at 1,977.41 points. In South Korea, the Kospi index was unchanged at 1,973.98 points.
Data released in the morning had the country's July exports slightly revised down to a 3.4% drop.Data released in the morning had the country's July exports slightly revised down to a 3.4% drop.
But traders are also looking at a central bank meeting, expected to announce an interest rate decision later in the morning. But traders were also looking at South Korea's central bank which after a morning meeting announced it would leave the interest rate unchanged at 1.5%.
In Australia, investors were more upbeat, bringing the benchmark S&P/ASX 200 up by 0.5% to 5,408.80 points. In Australia, investors were more upbeat, bringing the benchmark S&P/ASX 200 up by 0.5% to 5,407.00 points.
Market bellwether, mining giant BHP Billiton, saw shares up by more than 2%, while a rise in gold prices also sent other mining companies higher. Market bellwether, mining giant BHP Billiton, saw shares up by almost 3% while a rise in gold prices also sent other mining companies higher.