Asia report: Markets finally stage recovery, SoftBank talks with Swiss Re

Markets in Asia finished higher on Thursday, as the region finally rallied together to stage a recovery on the big losses seen earlier in the week.

In Japan, the Nikkei 225 was up 1.13% at 21,890.86, as the yen weakened 0.28% against the dollar to last trade at JPY 109.64.

Carmakers, financials and manufacturers all finished higher, with Fanuc Manufacturing up 3.57%, Mitsubishi UFJ Financial Group rising 1.09% and Toyota ahead 2.43%.

Technology plays were mixed in Tokyo, with camera giant Nikon up 0.4% and video games maker Nintendo down 1.31%.

SoftBank was up 0.98%, after reinsurance behemoth Swiss Re confirmed it was in talks with the company over a possible minority investment.

The Wall Street Journal reported SoftBank was looking for a $10bn stake, while the company also announced it was preparing to list its domestic Japan telecoms division.

On the mainland, the Shanghai Composite was down 1.42% at 3,262.15, and the smaller, technology-heavy Shenzhen Composite was up 1.18% to 1,734.57.

South Korea’s Kospi was ahead 0.46% at 2,407.62, while the Hang Seng Index in Hong Kong was 0.42% higher at 30,451.27.

The hefty technology stocks in Seoul were higher, with chipmaker SK Hynix up 3.94% and Samsung Electronics rising 0.44%, even after reports that its chairman Lee Kun-hee was under suspicion for evading taxes.

Oil prices were still sliding, with Brent crude last down 0.96% at $64.89 per barrel and West Texas Intermediate off 0.87% at $61.26.

In Australia, the S&P/ASX 200 rose 0.24% to 5,890.70, with the energy and materials sectors falling, but being offset by a 0.75% gain in the heavy financials subindex.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.2% at 8,177.14, as the country’s central bank stood pat on interest rates.

Both of the down under dollars were weaker against the greenback, with the Aussie last off 0.27% at AUD 1.2818 and the Kiwi retreating 0.28% to NZD 1.3859.