Asia report: Most markets advance ahead of Jackson Hole

Most markets in Asia were higher on Tuesday, with currency movements high on the agenda as traders kept a watchful eye on Korea tensions.

Japan’s Nikkei 225 was down 0.05% at 19,383.84, as the yen weakened against the dollar, last losing 0.25% to JPY 109.25.

It was the fifth losing session on the trot for the Tokyo benchmark - its longest losing streak since April last year.

Industrial giant Fujitsu announced its intention to sell its mobile phone division, with the Nikkei newspaper reporting that bidding for the business could begin in September.

Fujitsu shares were up 0.6%.

On the mainland, the Shanghai Composite was up 0.13% at 3,29103, and the smaller, technology-heavy Shenzhen Composite was off 0.42% at 1,908.32.

China automobile giant Great Wall Motor affirmed its interest in Fiat Chrysler on Monday, although it was not clear whether Great Wall wanted to buy out the Italian-American carmaker, or just take a stake in its stock.

South Korea’s Kospi finished up 0.44% at 2,365.33, while the Hang Seng Index in Hong Kong was ahead 0.91% at 27,401.67.

Hong Kong property stocks were among the big movers in the special administrative region, with China Overseas Land shares soaring after its announcement on Monday that it was raising its full-year sales target by 10%.

Trader attention was on Jackson Hole, where the Federal Reserve was set to hold its annual symposium at the end of the week.

European Central Bank president Mario Draghi was said to not be delivering any new policy messaging in his speech at the symposium, after he sent the euro on a roller coaster ride with his comments in Portugal in June.

Focus was also still on the Korean Peninsula, as the US and South Korea continued to conduct their annual joint military exercises amid some of the tightest tension between Washington and Pyongyang in many years.

There were fewer US military personnel attending the games, but the North Korean administration still called them “reckless”, according to reports.

Oil prices were slightly higher towards the end of Asian trading, with Brent crude last up 0.37% to $51.85 per barrel and West Texas Intermediate adding 0.21% to $47.83.

In Australia, the S&P/ASX 200 added 0.42% to settle at 5,750.12, with the gains underpinned by strong showings from the industrials and materials sectors, while the consumer staples sector fell.

Major miner BHP confirmed a near five-fold improvement in its full-year profit for the year to 30 June, leading to a 1.09% rise in its stock in Sydney.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was flat, losing 0.009% to 7,867.08, with manuka honey and health food exporter Comvita the biggest riser, adding 11.2%.

The company announced that it beat full-year guidance, adding that it expected to return to an operating profit in the current year.

Both of the down under dollars were weaker, with the Aussie last behind 0.45% against the greenback at AUD 1.2651, and the Kiwi retreating 0.59% on the same measure to NZD 1.3729.