FMG Fortescue Ltd

Asian stocks began Wednesday mixed on a weak lead from the U.S., with much of the focus on the first days of earnings season after a tough quarter for many companies.

Japan's Nikkei 225 was 0.9% higher at 18371.78 soon after the open, while China's Shanghai Composite Index opened 0.1% higher. Australia's S&P/ASX 200 was down 0.3% and New Zealand's benchmark index edged 0.3% higher. Markets in Hong Kong are closed for a holiday.

Overnight, U.S. markets left little in the way of a clear lead for Asia. Both the Dow Jones Industrial Average and the S&P 500 fell 0.1%, dragged lower by International Business Machines Corp.'s tumble to a five-year low after the hardware company reported weaker-than-expected results.

Fortescue Metals Group Ltd. is among the strongest stocks in Australia, rising 3.4% in early trade to its highest level in four months on heavy trading volume. BHP Billiton Ltd. was 1% higher, after it said Wednesday it would scale back investment plans for its petroleum division. Among Japanese shares, Pioneer Corp. and Sony Corp. are among the strongest performers, up 5.1% and 3.3%, respectively.

In Singapore, Wilmar International Ltd. was down 1.3% at 3.13 Singapore dollars (US$2.25) a share, after Archer Daniels Midland boosted its stake in the Asian agricultural business. Wilmar shares rose 8.9% in the previous trading session, when the firm said ADM had bought 22% of shares traded Tuesday.

In the absence of major economic data, the main focus for many traders in the short-term is how companies have fared during a turbulent third quarter; some of the region's largest firms are scheduled to report results in the coming days.

Stock prices and currency markets have gyrated over the past three months on concerns about a slowing China and its impact on global growth. Data issued early this week showed the world's second-largest economy grew 6.9% in the third quarter, but that figure has generated skepticism among economists over its perceived accuracy.

In foreign exchange markets, the Japanese yen was slightly weaker at ¥ 119.93 against the U.S. dollar, indicating muted reaction to weaker-than-expected trade data. Japan said early Wednesday that September exports grew 0.6% from a year earlier, undershooting the 3.4% forecast by economists. Imports slumped 11.1%. At Tuesday's close in Asia, one U.S. dollar bought ¥ 119.64.

Malaysia's ringgit slid 0.4% against the U.S. dollar and Korea's won strengthened 0.1%.

Crude oil prices fell slightly after rebounding on Tuesday. Benchmark Brent crude was 0.4% lower at $48.53 a barrel.

Write to Jake Maxwell Watts at jake.watts@wsj.com

Access Investor Kit for "NIRI Demo Co"

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US4592001014

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 20, 2015 22:05 ET (02:05 GMT)

Fortescue (ASX:FMG)
Historical Stock Chart
From Dec 2024 to Dec 2024

Fortescue (ASX:FMG)
Historical Stock Chart
From Dec 2023 to Dec 2024