Asian markets waver as Japan exports show tariff strain

HONG KONG, Aug 20 (AFP): Asian markets were mixed Wednesday in the face of worrying signs for Japanese exports, as investors await signals from US policymakers of an interest rate cut in the world's largest economy.
Traders have also been watching the recent diplomatic whirlwind to resolve the protracted war in Ukraine after President Donald Trump's high-stakes meeting with Russian counterpart Vladimir Putin in Alaska.
Eyes are now on potential face-to-face talks between Putin and Ukrainian President Volodymyr Zelensky, who has said he is ready for such a meeting.
Tokyo dropped sharply on Wednesday, closing the day down 1.5 percent. South Korea and Taipei also finished down.
Hong Kong recovered from a morning dip to advance during afternoon trading. Shanghai, Sydney, Jakarta and Bangkok also rose. Manila was flat.
Hong Kong's stock exchange operator posted record half-year revenue on Wednesday, riding a renewed surge in public listings and trading activity at the Chinese finance hub.
Tuesday on Wall Street saw several major technology firms lose significant market share, including Nvidia, Palantir and Oracle.
The selloffs come amid increasing unease over a prolonged rally in tech stocks this year despite a range of uncertainties facing the global economy.
Among the challenges are biting tariffs unleashed by Trump on major US trading partners this year.
Official data showed Wednesday that Japanese exports suffered their steepest drop in more than four years last month.
Hours later, statistics authorities in Britain revealed that inflation in the country reached its highest level in July since the start of last year, a sign of further pressure on the economy.
The higher-than-expected reading "came largely as a result of yet another chunky rise in food prices, but also by virtue of an upward impulse from consumer energy costs", wrote Michael Brown, senior research strategist at Pepperstone.