Asia report: Markets finish higher despite US trade stance

Markets in Asia finished higher on Wednesday, even after comments from the Trump administration reiterating its current punitive position on global trade.

In Japan, the Nikkei 225 was ahead 0.39% at 24,033.79, as the yen weakened 0.04% against the dollar to last trade at JPY 113.02.

On the mainland, the Shanghai Composite was 0.92% higher at 2,806.81, and the smaller, technology-heavy Shenzhen Composite rose 0.73% to 1,447.85.

South Korean markets remained closed for a public holiday, and the Hang Seng Index in Hong Kong gained 1.15% to 27,816.87.

Trade was once again at the forefront of trader minds, after US president Donald Trump repeated his administration's position on trade, saying it would “no longer tolerate abuse” as he addressed the United Nations General Assembly in New York.

That came after Washington’s trade representative Robert Lighthizer confirmed the White House was prepared to move forward with its trade deal with Mexico even without Canada.

“We're not going to say 'no deal’ because of Canada,” Lighthizer told the US Chamber of Commerce.

“That doesn’t make any sense at all.”

Oil prices were lower, with Brent crude last down 0.6% at $81.38 per barrel and West Texas Intermediate falling 0.46% to $71.95.

In Australia, the S&P/ASX 200 managed gains of 0.1% to 6,192.30, with major miners in the green.

BHP was up 1.17% in Sydney trading, and Rio Tinto was ahead 1.16%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 eked out gains of 0.04% at 9,349.85, led higher by construction conglomerate Fletcher Building, which was up 2.2%.

Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.04% at AUD 1.3799 and the Kiwi retreating 0.05% to NZD 1.5047.