Asia report: Markets mostly higher after good show on Wall Street

Most markets in Asia finished Tuesday’s session in the green, as investors continued to hold their breath ahead of a meeting between Xi Jinping and Donald Trump over the ongoing trade spat between China and the US.

In Japan, the Nikkei 225 was up 0.64% at 21,952.40, as the yen weakened 0.02% against the dollar to last trade at JPY 113.60.

The broader Topix index was 0.73% higher at 1,644.16 in Tokyo.

On the mainland, the Shanghai Composite slipped 0.04% to 2,574.68, and the smaller, technology-heavy Shenzhen Composite managed gains of 0.43% to 1,336.67.

South Korea’s Kospi was 0.79% higher at 2,099.42, while the Hang Seng Index in Hong Kong slipped 0.17% to 26,331.96.

Sentiment was generally improved in the region during the Tuesday session, following a solid close on Wall Street overnight.

That came despite some disappointing data, with a bumper Black Friday sales weekend for retailers seen to boost the mood stateside.

“Despite data on the whole being softer, global markets traded with a better tone overnight, with equity markets leading the charge,” noted ANZ Research’s Nathanael Hartley.

Market watchers did keep a close eye on Apple suppliers and the wider technology sector, however, after Donald Trump suggested he could slap a 10% tariff on Apple’s consumer electronics imported from China.

Such products are currently exempt from the Trump administration’s punitive tariffs levied on goods from the People’s Republic.

Oil prices were mixed during Asian trading after staging a recovery overnight, with Brent crude last up 0.28% at $60.65 per barrel, and West Texas Intermediate losing 0.02% to $51.62.

In Australia, the S&P/ASX 200 was 1% firmer at 5,728.30, boosted by the hefty financials subindex as well as the energy sector, which were ahead 1.46% and 0.73% respectively.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.1% higher at 8,673.82, led higher by specialist dairy exporter A2 Milk, which was ahead 2%.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.22% at AUD 1.3818 and the Kiwi advancing 0.34% to NZD 1.4719.