Wednesday, 1 February 2017

Asian shares trade mixed, Mitsubishi Motors rally 14%

Asian shares were mixed on Wednesday as investors parsed through economic data out of Asia ahead of the FOMC meeting announcements. Japan's Nikkei 225 recovered from earlier losses of more than 0.5 percent to trade down 0.08 percent, breaking away from the correlation of a weaker yen hurting the benchmark index. Shares of Toshiba fell 0.83 percent, earlier dropping as much as 3 percent after the Wall Street Journal reported Wednesday that Toshiba will stop building nuclear power plants after incurring billions of dollars of losses to complete delayed projects in the US. 

Gaming giant Nintendo dropped 3.73 percent after it cut its profit outlook by 10 billion yen (USD 88 million) due to weak console sales. Its latest console, the Switch, is expected to be released in March. Japanese automakers were also in the red, with Toyota Motor down 1.05 percent, Nissan Motor off 0.4 percent and Honda Motor slipped 0.47 percent.

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