Asia markets give up early gains; Nikkei flat, HSI drops 0.9% – CNBC
6 months ago Comments Off on Asia markets give up early gains; Nikkei flat, HSI drops 0.9% – CNBC
Iron ore and steel futures in China advanced on Wednesday, with the Shanghai rebar futures for October up 1.18 percent. Iron ore futures for September, traded on the Dalian Commodity Exchange, were up 0.39 percent. Spot iron ore for immediate delivery to China’s Tianjin port was at $54.20 a tonne on Tuesday, down from $55.60 on Monday.
Metal plays in the region were mixed, with major miners in Australia advancing while those in China slipping. Shares of Rio Tinto were up 1.10 percent, Fortescue up 1.75 percent and BHP Billiton adding 4.04 percent.
Chinese metal stocks traded mixed, with Baoshan Steel down 0.38 percent and Yunnan Copper up 0.51 percent.
In company news, one of Australia’s large grain storage companies, GrainCorp, announced its half-year profit numbers on Wednesday, with net profit at 20 million Australian dollars ($14.7 million) for the period, with the company saying global trading conditions will continue to weigh on the Australian grains sector in the near term.
Shares of GrainCorp were down 2.38 percent.
Other companies that are expected to announce their earnings on Wednesday include Japanese automakers Toyota, Nissan, as well as troubled airbag manufacturer Takata.
Asia markets give up early gains; Nikkei flat, HSI drops 0.9% – CNBC}