Asian equities down as cautious sentiment continues

Asian top equity indexes were down on Wednesday as the cautious sentiment extended as market players await a fresh batch of economic reports later in the day.

On the data front, Wednesday was marked by the release of Japan’s gross domestic product. According to data, the Nippon economy expanded at an annualized rate of 1.4 percent in the third quarter, above expectations for a 1.3 percent. The GDP added 0.3 percent q/q.

On the corporate front, Japan was also in the spotlight as Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group presented quarterly earnings.

Several Japanese banks confirmed their plans to reduce costs, which could include firing people and turning into automation, news agency Reuters reported.

Australia ASX -33.80 -0.56% 6,012.30 OPEN

Shanghai Comp -27.02 -0.79% 3,402.52 OPEN

Hang Seng Index -248.16 -0.85% 28,903.96 OPEN

Nikkei 225 -351.69 -1.57% 22,028.32 OPEN

TSEC 50 Index -56.53 -0.53% 10,630.65 OPEN

The political agenda continues to weigh on investors. US Senate Republicans said on Tuesday the tax reform bill will involve the repeal of Obamacare’s condition that Americans should have some sort of health coverage.

Ahead in the day, attention will be directed to another batch of economic reports in Europe and the United States, starting with employment data from the UK at 09:30 GMT and the EU trade balance for September scheduled at 10:00 GMT.

In the US, focus will be inflation. The consumer price index for October is due for release at 13:30 GMT, with a 0.1 percent month-on-month build seen.

The NY Empire State manufacturing index for Nov is also set for that time, as well as retail sales for Oct. Business inventories for Sep are up at 15:00 GMT, with a forecasted rise of 0.1 percent.

Fort Financial Services