Nikkei rises, but most Asian stocks lower as rally pauses

Despite strength in Japanese shares, most Asian bourses traded lower Wednesday as traders appeared to be taking profits after a multi-day rally lifted stocks in the region’s developed and emerging markets. 

In Asian trading Wednesday, Japan’s Nikkie 225 rose 0.78% as USD/JPYflirted with 100.60. Earlier Wednesday, the Bank of Japan said the country’s corporate goods price index rose 2.4% in August after a 2.2% increase in July. Analysts expected the August increase of 2.4%. 

In a separate report, Japan’s Ministry of Finance said the BSI large manufacturing conditions reading soared to 15.2 in the second quarter following a first-quarter reading of 5. Analysts expected the survey of manufacturing conditions to read 7.2 for the second quarter. 

Hong Kong’s Hang Seng fell 0.13%, but the Shanghai Composite added 0.63%. Shares of China Mobile lagged on speculation an event in Beijing by U.S. technology giant Apple will not include an announcement of a partnership between the two companies. 

On Tuesday, Apple unveiled a new low-cost iPhone aimed at gaining new customers in emerging markets. Apple is the largest U.S. company by market value. 

Australia’s S&P/ASX 200 Index rose 0.4%, led by strength in mining and materials names, including Rio Tinto. Australian stocks are flirting with five-year highs. 

New Zealand’s NZSE 50 inched down 0.05% while South Korea’s Kospi nudged down 0.08%. The Kospi was up 6% in the past month leading up to Wednesday. 

Singapore’s Straits Times Index lost 0.33% bringing the index’s one-month loss to 3.6%. S&P 500 futures fell 0.06% a day after the benchmark U.S. index advanced 0.73%.