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China Closes at One-Month Low



Asia-Pacific markets were trading lower on Wednesday, led by Hong Kong markets, while China’s benchmark index closed at its lowest level in over a month as investors assessed earnings and comments from the U.S. Federal Reserve board members.

In Japan, the Nikkei 225 index fell 87.17 points, or 0.3%, to 33,321.22, marking three straight days of losses.

In Hong Kong, the Hang Seng tumbled 360.70 points, or 2.1%, to 16,993.44, leading losses among major Asian benchmarks.

Australia extended gains Wednesday as the country’s overall inflation rate for October slowed to 4.8%, its lowest rate since January 2022.

CHINA

In Shanghai, the CSI 300 sank 30.21 points, or 0.9%, to 3,488.31.

Shares of Chinese food delivery giant Meituan plunged 12% after warning of a demand slowdown for its services in its third-quarter earnings call.

Chinese e-commerce giant Pinduoduo posted 94% revenue growth in the third quarter, far outpacing Alibaba’s 9% growth in the same period.

In other markets

In Singapore, the Straits Times Index regained 18.76 points or 0.6%, to 3,084.70.

In Taiwan, the Taiex pointed higher 29.31 points, on 0.2%, to 17,370.56.

In Korea, the Kospi index dipped 1.95 points, or 0.1%, to 2,519.81.

In New Zealand, the NZX 50 docked 1.43 points to 11,235.94.

In Australia, the ASX 200 gained 20.13 points, or 0.3%, to 7,035.35.



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