Asian stock markets lack appetite

Asian stocks were mostly lower as investors weighed the downside for the economy in 2023. Hong Kong stocks rose as China reopened. Asia-Pacific stocks were mostly lower as investors weighed the downside for the economy in 2023 after Wall Street suffered losses overnight. Hong Kong’s Hang Seng index rose 2.43% as trading resumed after a holiday week. In mainland China, the Shenzhen Component fell 0.72%. The yuan was little changed and was last at 6.9689 against the U.S. dollar. South Korea’s Kospi fell 2.01% as shares of chip and battery makers priced in the impact of ex-dividends that will not make shareholders eligible for annual payments next year. Australia’s S&P/ASX 200 fell 0.15% after giving up earlier gains. Japan’s Nikkei 225 lost 0.59% and the Topix lost 0.28%. The Bank of Japan has released a summary of its views from last week's monetary policy meeting, where it unexpectedly widened the target range for Japanese government bond yields.