Asian stocks moved lower after China’s leaders failed to provide a clear direction on policy over the coming decade, while the Nikkei’s strong upward streak in the last two sessions came to a halt.
Stocks in China in particular reacted badly to Tuesday’s conclusion of the Third Plenum. The communique that followed the meeting called for fewer investment restrictions and greater rights for farmers, but was lacking in specific details.
Hong Kong’s Hang Seng Index fell 1.3%, with the Hang Seng China Enterprises Index dropped 2%. The Shanghai Composite fell 0.9% in the mainland.
Australia’s S&P ASX 200 fell 1% and South Korea’s Kospi lost 1%.
Japan’s Nikkei was down 0.2% after a 3.6% gain over the past two sessions — the market’s largest two-day rise since early September.
The regional earnings season continues. In Tokyo, Sumitomo Mitsui Financial Group rose 1.5% after the bank raised its full-year net profit forecast to ¥750 billion from ¥580 billion.
Also in Japan, Isuzu Motors fell 0.7% after the motor-vehicle maker cut its full-year sales guidance for fiscal year 2013 by ¥100 billion, though it kept its operating profit forecast of ¥180 billion unchanged.
Singapore Airlines rose 0.4% in Singapore after the carrier reported a sharp rise in its fiscal second-quarter net profit, though it warned that margins will be under pressure in the coming months.
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