Hong Kong shares may build on its recent uptick on Wednesday, with Chinese cyclical likely to extend gains on solid August economic data from the world’s second-largest economy.
Apple Inc suppliers may come under some pressure after the technology giant’s shares shed more than 2 percent after it unveiled two new iPhone models. It may also announce a deal with China Mobile to distribute iPhones at an event in Beijing later in the day.
On Tuesday, the Hang Seng Index ended up 1 percent at 22,976.7 points, its highest close since May 22. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.6 percent.
Elsewhere in Asia at 0037 GMT, Japan’s Nikkei was up 0.5 percent, while South Korea’s KOSPI was down 0.2 percent.
FACTORS TO WATCH:
* Glencore will cut spending; shelve dozens of projects and squeeze more than expected from its record-breaking purchase of mining group Xstrata, lifting benefits from the deal to at least $2 billion in 2014.
* Motor services group China ZhengTong Auto Services Holdings Ltd said it would issue $335 million of 4.5 percent bonds due 2018, raising capital to repay a portion of bridge loan facilities.
* Railway transportation equipment maker CSR Corporation Limited said it has recently entered into certain major contracts, including contracts with China Railway Investment Corp on sale of freight wagons, with an aggregate value of about 9.25 billion yuan.
* China NT Pharma Group Co Ltd said it would team with the country’s top pharmaceutical products distributor Sinopharm Group Co Ltd to set up a 40 percent owned special purpose vehicle, which will have a registered capital of 200 million yuan, for the distribution and sales of vaccines and cold-chain pharmaceutical products in Shanghai.