Asian stocks weak as investors weigh US data, Brexit plans
HONG KONG — Asian stocks were listless Wednesday as investors weighed strong U.S. economic reports against uncertainty as Britain readies a formal request to leave the European Union.
KEEPING SCORE: Tokyo’s benchmark Nikkei 225 index was less than 0.1 per cent lower at 19,194.20 while South Korea’s Kospi was flat at 2,163.54. Hong Kong’s Hang Seng added 0.2 per cent to 24,396.26 and the Shanghai Composite index edged up 0.1 per cent to 3,257.66. Australia’s S&P/ASX 200 rose 0.9 per cent to 5,876.00.
CONFIDENCE RISING: The U.S. economy, the world’s biggest, continues to strengthen, according to two data reports. The Conference Board’s consumer confidence index rose in March to its highest level since 2000, in an upbeat sign of consumers’ future expectations. Also, U.S. home prices in January jumped at the fastest pace in nearly 2 1/2 years because the tightening supply of houses for sale sparked bidding wars in many cities.
QUOTEWORTHY: “While it’s possible that U.S. consumer confidence may be tempered a little next month following the government’s failure to achieve its healthcare reforms, the latest figure indicates a high base for confidence which should help support consumption and U.S. economic growth over coming months,” said Ric Spooner, chief analyst at CMC Markets.