Asia report: Markets little changed as oil prices hold steady
Markets in Asia were little changed on Tuesday, with Japan closing higher for the 11th session in a row while oil prices maintained their strength.
AUD/USD
$0.6531
22:24 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
¥157.9470
22:22 28/04/24
In Japan, the Nikkei 225 was ahead 0.38% at 21,336.12, as the yen weakened 0.02% against the dollar to last trade at JPY 112.21.
Manufacturers and car exporters were higher, while technology stocks in Tokyo finished mixed - software firm Line was down 2.25% while SoftBank was off 1%.
Kobe Steel’s woes continued, as a report in the Nikkei suggested the falsification of product data took place for longer than the 10 years the company claimed.
The practice had occurred for a period of ‘decades’, the report claimed, citing an unnamed source.
Shares in Kobe Steel finished up 3.14%.
On the mainland, the Shanghai Composite finished down 0.15% at 3,373.44, and the smaller, technology-heavy Shenzhen Composite was up 0.11% at 2,008.06.
South Korea’s Kospi was up 0.17% at 2,484.37, while the Hang Seng Index in Hong Kong added 0.02% to 28,697.49.
Technology stocks were mixed in Seoul as well, with Samsung Electronics up 1.63% while SK Hynix lost 0.83%.
Oil prices held steady during Asian trading, after receiving a boost during US hours overnight on the back of reports that Iraqi forces had captured parts of oil-rich Kirkuk from Kurdish forces.
“Traders continue to worry about potential supply disruptions from Iraqi Kurdistan,” noted OANDA senior market analyst Jeffrey Halley.
“The threat of escalating tensions in the region should continue to provide support to crude through the remainder of the week.”
Brent crude was last up 0.59% at $58.16, while West Texas Intermediate added 0.54% to $52.15.
In Australia, the S&P/ASX 200 was 0.73% firmer at 5,889.61, with the materials subindex adding heft to the gains.
Minutes from the Reserve Bank of Australia were released during the session, suggesting policymakers there weren’t in any rush to raise interest rates in response to similar moves from other countries.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.3% at 8,112.05, led higher by fast food master franchise holder Restaurant Brands, which was ahead 2.6%.
The down under dollars were mixed, with the Aussie last 0.13% weaker against the greenback at AUD 1.2755, while the Kiwi strengthened 0.14% to NZD 1.3926.