Asia report: Most markets higher after stellar Wall Street performance

Most markets in Asia finished in positive territory on Friday, following a stellar performance on Wall Street overnight, as traders once again appeared to shrug off ongoing trans-Pacfic trade concerns.

In Japan, the Nikkei 225 ended up 0.82% at 23,869.93, as the yen weakened 0.25% against the dollar to last trade at JPY 112.77.

The Nikkei’s insurance sector led the gains, surging 2.17%, while the broader Topix index was up 0.92% at 1,804.02.

Sentiment in Tokyo was given a slight boost by the release of August’s core consumer price index data, which came in line with expectations at 0.9%.

That was still well below the Bank of Japan’s target rate of 2%.

On the mainland, the Shanghai Composite was ahead 2.5% at 2,797.49, and the smaller, technology-heavy Shenzhen Composite rose 1.76% to 1,445.11.

South Korea’s Kospi was 0.68% firmer at 2,339.17, while the Hang Seng Index in Hong Kong was 1.73% ahead at 27,953.58.

It wasn’t all rosy in Seoul, however, with blue-chip technology play SK Hynix sliding 3.03%.

Traders in the region cheered at their respective opening bells after the Dow Jones Industrial Average hit a fresh record high overnight, reaching 26,656.98 to beat the previous record set in January.

On the trading front, comments out of China’s commerce ministry did little to sway markets, as they said they were hoping the US would adjust its behaviour on the tariff front.

It came after the Trump administration confirmed it would impose a fresh round of punitive tariffs on $200bn of Chinese goods earlier in the week, with China retaliating with tariffs on $60bn of American products.

Oil prices were higher, with Brent crude last up 0.84% at $79.37 per barrel, and West Texas Intermediate rising 0.59% to $70.74.

In Australia, the S&P/ASX 200 managed gains of 0.41% to 6,194.60, with the hefty financial subindex rising 0.14%.

Of the banks, AMP added 0.31% and Australia and New Zealand Banking Group was ahead 0.14%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.2% at 9,375.97, led higher once again by Tourism Holdings, which was up 3.2%.

That came after fresh statistics revealed a 5.4% year-on-year improvement in tourist numbers to the South Pacific nation in August.

It was a mixed picture for the down under dollars, with the Aussie last 0.04% weaker against the greenback at AUD 1.3720 and the Kiwi strengthening 0.06% to NZD 1.4946.