Stocks were mixed in Asia on Wednesday after a rally on Wall Street led by technology stocks.
Share benchmarks rose in Tokyo, Hong Kong and Sydney but fell in Seoul and Shanghai. U.S. futures were lower and oil prices pushed higher.
Japan reported its trade deficit persisted in March as imports surged 31% thanks to soaring oil prices and a weakening yen. The deficit of 412 billion yen for March was lower than the previous month’s 670 billion yen but was quadruple analysts’ estimates. The weaker yen helps make Japanese exports more competitive overseas and fattens profits when they are converted from dollars to yen, but it also raises costs both for consumers and businesses.
On Tuesday, stocks overcame a weak start to finish broadly higher, giving the major indexes on Wall Street their best day in nearly five weeks. The last time the indexes mounted a bigger rally was March 16. Stocks have mostly struggled this year amid uncertainty over how the economy and Corporate America will be affected as the Federal Reserve moves to reverse low-interest rate policies that helped markets soar in recent years.
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