Japan's Nikkei 225 jumped 2.1% to finish at 19,353.24. Stronger than expected machinery orders helped lift sentiment. Australia's S&P/ASX 200 shed nearly 0.9% to 5,206.90, while South Korea's Kospi lost 0.3% to 1,817.74. Hong Kong's Hang Seng fell 1.3% to 23,927.49 and the Shanghai Composite dipped 0.5% to 2,807.83.
Goldman Sachs said in a report that Japan's economy is headed to a record 25% contraction in the current quarter, with exports diving by 60% in the April-June period. The contraction for the world's third largest economy would be a record, since GDP, or gross domestic product, began to be tracked in 1955.
But on Wednesday, benchmark U.S. crude oil surged US$1.18 to $24.81 a barrel in electronic trading on the New York Mercantile Exchange after President Donald Trump reiterated in comments to Fox TV that he expects Russia and Saudi Arabia to resolve their price war. U.S. crude had fallen $2.45, or 9.4%, to settle at $23.63 per barrel Tuesday.
"It's important to remember we shouldn't over-extrapolate temporary trends," said Patrick Schaffer, global investment specialist at J.P. Morgan Private Bank. "There's no guarantee that the worst is behind us, yet traders believe that at least there is some short-term money to be made," Stovall said.
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