Asia report: Markets finish week mixed as trade concerns flare up again
Markets in Asia finished mixed on Friday as Hong Kong returned from a one-day holiday, after US president Donald Trump suggested more tariffs against China could be in the pipeline.
AUD/USD
$0.6532
23:24 28/04/24
GBP/NZD
NZD2.1025
23:53 26/04/24
Hang Seng
17,651.15
10:20 26/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥157.8745
23:31 28/04/24
In Japan, the Nikkei 225 was down 0.36% at 21,567.52, as the yen strengthened 0.16% to JPY 107.22.
The broader Topix index was down 0.31% in Tokyo, with real estate and shipping being the worst performing sectors for the session.
Drugmaker Takeda Pharmaceuticals plunged 5.03%, as investors poo-pooed comments from its CEO made on Thursday around a the company’s desire to buy London-listed Shire.
Markets in mainland China and Taiwan remained closed for a second day on Friday, as both countries enjoyed a long weekend.
South Korea’s Kospi was off 0.33% at 2,429.58, while the Hang Seng Index in Hong Kong surged 1.11% to finish at 29,844.94.
Financials were among the winners in the special administrative region, as was technology giant Tencent.
On the Korean peninsula, Samsung Electronics announced that it expected a 57.6% improvement in its first quarter operating profit year-on-year, at KRW 15.6trn.
The market behemoth was still down 0.7% by the end of the day, however.
Trade war concerns were once again back in the spotlight, after US president Trump poured fuel on the flames of tension after hinting at more tariffs against China amid an ongoing tit-for-tat between the two countries.
China had unveiled plans for extra tariffs on a suite of 106 US-made products on Wednesday, which itself was a reaction to Trump’s revealing of a list of Chinese imports last week,
While the latest announcement from Washington did raise concerns around uncertainty, not all market watchers believed an all-out trade war was coming.
“Markets are digesting the fact that most of the tough trade tariff talk is unlikely to result in action that will upset global growth or even come to fruition,” noted Commonwealth Bank of Australia chief currency strategist and head of international economics Richard Grace.
Oil prices were lower after the region went to bed, with Brent crude last down 0.18% at $68.21 per barrel, and West Texas Intermediate falling 0.47% to $63.24.
In Australia, the S&P/ASX 200 was flat at 5,788.70, with growth among energy and materials plays being offset by losses for the hefty financials subindex.
Across the Tasman Sea, the S&P/NZX 50 was aehad 0.4% at 8,393.27, led higher by subscription broadcaster Sky - no relation to its London-listed namesake - which bounced 6.3% after suffering serious falls on Thursday.
The down under dollars were mixed, with the Aussie last 0.05% stronger on the greenback at AUD 1.3007, while the Kiwi weakened 0.15% to NZD 1.3773.