Asia Markets: Chinese stocks recede, while other Asian markets resume gains

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Asian stock markets largely started off with gains for the second day in a row early Wednesday, although Chinese indexes stumbled after Tuesday’s rally.

A day after near-3% bounces from multiyear lows, Chinese benchmarks were down slightly as the Trump administration confirmed it would impose 25% tariffs on $16 billion in Chinese imports later this month. The Shanghai Composite SHCOMP, -0.41%   was down 0.5% and the Shenzhen Composite 399106, -0.55%   slipped 0.4%.

Hong Kong stocks eked out gains as a pair of notable IPOs launched. The Hang Seng Index HSI, +0.17%   was up 0.1%, with tech and energy stocks leading the gains. Tencent 0700, +1.23%   was up 1.5% while PetroChina 0857, +2.72%   gained 2.6%. Meanwhile, China Tower was sticking around its IPO price in initial trading while Nasdaq-listed biotech BeiGene was off 3.2% as its secondary offering started trading.

Financials and tech helped push Japan’s Nikkei NIK, +0.39%   to a 0.4% gain. SoftBank 9984, +3.98%   was strong again, up 3.8% more amid word that it plans to invest in Alibaba’s enlarged delivery-services unit. Meanwhile, the financial-business subsection climbed nearly 2% in morning trading.

Elsewhere, South Korea’s Kospi SEU, +0.13%   inched up, as did benchmarks in Taiwan Y9999, +0.95%  , Australia XJO, +0.39%   and New Zealand NZ50GR, +0.27%  , while Singapore’s Strait Times Index STI, -0.54%   fell nearly 1%.

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