China managed a slim gain, while most Asian stocks closed lower yet again
Most Asian markets settled lower again today, as
depressed commodity prices kept a damper on sentiment. Japan's Nikkei reversed early gains inspired by an unexpected surge in core machinery orders to close nearly 1% lower. Hong Kong's Hang Seng followed suit with a 0.5% downturn, while South Korea's Kospi shed 0.04%. Stocks in mainland China bucked the bearish trend, closing up 0.09%, after the People's Bank of China (PBOC) set the yuan reference rate at a four-year low against the dollar.
European stocks are also in the red at midday, despite a modest bounce in oil prices. Miners remain a notable pocket of weakness; while Rio Tinto is recovering from Tuesday's slide,
Anglo American has shed another 7% following a Jefferies downgrade to "underperform." At last check, the French CAC 40 is off 0.8%, the German DAX has dipped 0.5%, and London's FTSE 100 is 0.1% lower.
