Stocks in Sydney were a surprising standout on Wednesday — outperforming the rest of the region despite a fourth-straight session of losses on Wall Street: the S&P/ASX 200 rose 0.8%.
Trading was more subdued elsewhere in Asia as concern that U.S. lawmakers will fail to arrange a budget deal preventing a government shutdown next week weighed on sentiment.
Deal making was also on traders’ minds in Tokyo following Tokyo Electron Ltd.’s agreement to sell itself to U.S.-based Applied Materials Inc. The all-stock deal announced late on Tuesday values Tokyo Electron at $9.3 billion. Shares of the chip manufacturer opened up 14% in Tokyo, hitting a trading limit.
Stock in Advantest Corp., which produces testing systems for memory chips, rose 4% following the Tokyo Electron deal.
Hong Kong’s Hang Seng Index edged 0.4% higher while China’s Shanghai Composite fell 0.3%.
Banking and telecom shares advanced, with ZTE Corp. shares up 1.7% as the company reportedly plans to increase U.S. handset sales by 60% this year.
Casino stocks rose, with Sands China Ltd. up by 1.9% ahead of the Golden Week holiday.
The Nikkei Stock Average fell 0.1% hit by concerns about a possible U.S. government shutdown. The Topix dropped 0.3%.
Industrial issues struggled, including construction-equipment maker Komatsu Ltd. as its shares slumped 1.2%.
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