Asian Equities Slip as Weak China Earnings Raise Economic Concerns

Traders are also awaiting Nvidia Corp.’s results for cues on the growth momentum of artificial-intelligence related stocks.

Asian equities slipped on Wednesday as weak corporate earnings in China raised fresh concerns over its flagging economy. Two-year Treasury yields fell three basis points.

**Major Headlines**

* Chinese stocks in Hong Kong fell as much as 1.5%, while those in the mainland declined to their lowest since early February.

* Bottled water maker Nongfu Spring shares plunged as much as 13% after posting the slowest half-year profit growth in four years.

* Weak sentiment toward China reemerged following disappointing outlook guidance earlier this week from e-commerce firm PDD Holdings, adding to other disappointing results this season.

* Cnooc Ltd., BYD Co. and Meituan are all set to report on Wednesday.

* Later in the US, investors will be looking for any clues on whether the artificial-intelligence euphoria has more room to run with the world’s currently most influential stock, Nvidia, set to report earnings.

* The yen extended losses to 0.07% against the dollar, heading toward the 144.50 barrier, following comments from Bank of Japan’s Deputy Governor Ryozo Himino.

* Seven & i shares slipped after the operator of 7-Eleven stores applied for a defensive measure as it anticipates being approached by potential buyers following an expression of interest from Alimentation Couche-Tard.

* Japanese consumer electronics company Sony saw its shares climb as much as 2.7% after saying it will hike the price of its PlayStation 5 in Japan.

* In other Asian corporate developments, shares of China’s top-selling automaker BYD fell as much as 3.1% in Hong Kong despite saying it sees overseas deliveries to account for almost half of total sales in the future.

* Fortescue shares dipped as much as 2.7% after the fourth-largest iron ore miner reported full-year profit that missed analyst forecasts, owing to inflationary pressures and a slowdown in demand from biggest customer China.

* Bitcoin fell below the $60,000 level early Wednesday as part of a broad crypto market retreat that included a sharp drop in second-largest token Ether.

* Oil was steady after sliding in the previous session to end a three-day rally. Gold retreated after a three-day advance that’s taken it closer to its all-time high.

**Get More**

* Nvidia Earnings: Investors Brace for Big Swings as Tech Giant Reports

* Seven & i Applies for Defensive Measure as Takeover Interest Emerges

* Sony to Raise PlayStation 5 Price in Japan, Citing Strong Demand

* China’s BYD Sees Overseas Deliveries Accounting for Half of Sales

* Bitcoin Slides Below $60,000 in Broad Crypto Market Retreat