Asian stocks were little changed after a drop in U.S. shares. A stronger yen weighed on Japanese exporters, while energy companies retreated after a decline in oil.
About MSCI Asia Pacific Index was unchanged at 133.06 as of 9:07 a.m. in Tokyo. Japan’s Topix index lost less than 0.1 percent as the yen held gains against the dollar. The gauge rose to a 12-week high on Wednesday, bringing its gain for the year to 13 percent. The Standard & Poor’s 500 Index slid 0.3 percent on Wednesday.
“Japanese markets have been pushed to the limit as well as U.S. stocks,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “We haven’t had bullish factors to lift markets at the moment.”
With U.S. data and policy makers signaling the world’s biggest economy may be strong enough to withstand higher rates, investors are monitoring figures from overseas to gauge whether there are any threats to growth that may still concern the Federal Reserve. Reports Wednesday showed Chinese factory output growth continued to weaken in October, suggesting monetary and fiscal easing have yet to spur any notable acceleration in growth.
The odds the Federal Reserve will raise rates at its December meeting have risen to 66 percent from 39 percent a month ago. Fed officials including Chair Janet Yellen are due to speak a policy conference Thursday.
New Zealand’s S&P NZX 50 Index added 0.2 percent. Australia’s S&P/ASX 200 Index fell 0.4 percent. Markets in China and Hong Kong have yet to start trading.
Kandi Technologies Group Inc(NASDAQ:KNDI) through its subsidiaries, designs, develops, manufactures, and commercializes electric vehicles (EVs) products, EV parts, and off-road vehicles in the People’s Republic of China and internationally. The Company shares are trading 88.12% above their 52 week low price after the last close and -40.21% below the 52 week high. Its latest closing price was down -2.24% from the average-price of 200 days while it kept its distance from the SMA50 at 28.34% and 2.40% compared with the SMA 20.
Shares of Melco Crown Entertainment Ltd (ADR)(NASDAQ:MPEL) were 38.59% up 52 week lows as of the latest close and -36.74% below the 52 week high. Its latest closing price was down -13.48 % from the average-price of 200 days while it maintained a distance from the SMA 50 at 2.62% and -2.71 % compared with the SMA 20. Melco Crown Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment resort facilities in Asia.
Mitsubishi UFJ Financial Group Inc (ADR) (NYSE:MTU) through its subsidiaries, provides financial services in Japan and internationally. The stock’s latest price traded at 30.17% up 52 week lows after the closing bell and was -11.68% behind its 52 week high. Its latest closing price was 0.41% below the SMA200 while the distance from the SMA 50 and SMA 20 was 6.09% and 4.20% respectively.
Tata Motors Limited (ADR) (NYSE:TTM)) is trading 44.06% higher than the 52 week low price and -40.04% behind the 52 week high. The stock’s latest closing price was -13.60% down from the average-price of 200 days while it kept its distance from the SMA50 at 16.58% and 5.28% compared with the SMA 20. Tata Motors Limited engages in the development, design, manufacture, assembly, sale, and export of passenger and commercial vehicles worldwide.
WuXi PharmaTech (Cayman) Inc. (ADR)(NYSE:WX) operates as a pharmaceutical, biotechnology, and medical device research and development services company in China and the United States.. The Company so far this year has moved down 33.50% and its monthly performance stands at 1.63% .The stock was up 38.31% from its 52 week low and was -2.58% below the 52 week high. Its latest closing price was down 7.42% from the average-price of 200 days while it kept its distance from the SMA50 at 2.74% and 0.69%compared with the SMA 20.