Fri, 06 Aug 2021

SYDNEY, NSW, Australia - Stocks in Asia were mostly on the nose on Wednesday, however, the Australian market continues to confound with another record close for the ASX 200, its fourth in recent days.

The key index broke through the 7,400 level for the first time in late morning trading Wednesday.

The index drifted lower by the close but still managed to finish at a record high of 7,386.20.

"We don't see policies adjusting in the short term, Van Eck Asia Pacific's CEP and Managing Director Arian Neiron told The Sydney Morning Herald Wednesday.

"Equities will continue on an upwards trajectory."

The Australian All Ordinaries finished flat with a gain of just 0.40 of a single point or 0.01 percent to 7,633.40.

In Japan, the Nikkei 225 shed 150.29 points or 0.51 percent to 29,291.01.

China's Shanghai Composite dropped 38.23 points or 1.07 percent to 3,518.33.

The Hang Seng in Hong Kong dived. 201.69 points or 0.70 percent to 28,436.84.

The U.S. dollar was steady in Asia on Wednesday. The euro traded quietly at 1.2130. The British pound hardened a little to 1.4108. The Japanese yen was unchanged at110.08. The Swiss franc range-traded around 0.8985.

The Canadian dollar weakened to 1.2175. The Australian dollar remained weak at 0.7694. The New Zealand dollar perked up a quarter-cent to 0.7143.

Overnight on Wall Street, the Dow Jones industrials slid 94.42 points or 0.27 percent to close Tuesday at 34,299.33.

The Nasdaq Composite shed 101.29 points or 0.71 percent to 14,072.86.

The Standard and Poor's 500 fell 8.56 points or 0.20 percent to 4,246.50.

(Photo credit: EPA).

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