Asian Markets Mixed as Hong Kong IPO Market Gains Momentum; New Zealand Cuts Rates
hong Kong - Asian markets presented a mixed picture Wednesday,with Hong Kong‘s Hang Seng Index boosted by a strong debut from CF PharmTech,while Japan’s Nikkei 225 remained largely unchanged. The Reserve Bank of New Zealand’s surprise interest rate cut added further complexity to the regional economic landscape.
CF PharmTech shares surged over 224% in their Hong Kong trading debut. the specialty pharmaceutical company, focused on respiratory diseases, had raised around $78 million in its IPO, priced at HKD$14.75 apiece. This listing contributes to a resurgence in Hong Kong’s IPO market, which has collectively raised approximately $14.1 billion in the first half of 2025.
Japan’s benchmark nikkei 225 was little changed, while the Topix added 0.66%. The Japanese yen weakened 0.38% to 152.48 against the U.S. dollar, continuing a downward trend from Monday when it reached the 150-level. Australia’s ASX/S&P 200 fell 0.3%. Mainland China and South Korean markets are currently closed for holidays.
In a significant monetary policy move, the Reserve Bank of New Zealand trimmed its benchmark interest rate by 50 basis points to 2.5%. The bank cited “weak” economic activity through the middle of 2025, attributing it to domestic supply constraints and global economic policy uncertainty. The New Zealand dollar weakened 0.9% to 0.5746 per dollar following the declaration. The Bank of Thailand is expected to release its policy decisions later today.
Overnight in the U.S.,the S&P 500 fell 0.38% to close at 6,714.59,ending a seven-day winning streak,while the Nasdaq Composite dropped 0.67% to 22,788.36. The Dow Jones industrial Average declined 91.99 points, or 0.2%, to 46,602.98, pressured by a decline in Oracle shares amid investor concerns about the profitability of the artificial intelligence sector and ongoing uncertainty surrounding the U.S. government shutdown.
