Asia report: Markets mixed amid US political developments
Markets in Asia finished in a mixed state on Wednesday, as investors held their breath ahead of trade talks between Washington and Beijing later in the week.
AUD/USD
$0.6533
23:03 26/04/24
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
¥158.3270
01:54 27/04/24
In Japan, the Nikkei 225 was up 0.64% at 22,362.55, as the yen strengthened 0.03% against the dollar to last trade at JPY 110.28.
On the mainland, the Shanghai Composite was down 0.7% at 2,714.61, and the smaller, technology-heavy Shenzhen Composite slid 1.14% to 1,454.52.
South Korea’s Kospi added 0.14% to 2,273.33, while the Hang Seng Index in Hong Kong was 0.63% higher at 27,927.58.
Investors in the region were still looking ahead to trade talks set to take place between the US and Beijing later in the week, though many appeared to be keeping their expectations in check.
There were also a number of developments on the political front in the US overnight, after Donald Trump’s personal lawyer Michael Cohen pleaded guilty to eight charges around tax fraud, financial contributions and false statements.
Trump’s former campaign chairman Paul Manafort was also in the hot seat, being found guilty of eight criminal charges, including five of tax fraud.
Oil prices were higher, with Brent crude last up 1.69% at $73.88 per barrel, and West Texas Intermediate rising 1.67% to $66.96.
In Australia, the S&P/ASX 200 fell 0.29% to 6,266.00, led lower by the hefty financials subindex, while the telecoms sector managed to stay in the green.
That was on the back of news that TPG Telecom was in talks to merge with Vodafone Hutchison Australia - a joint venture between Vodafone Group and Hong Kong conglomerate CK Hutchison, which operates the Vodafone brand in Australia.
CK Hutchison confirmed in an announcement that “exploratory discussions” were taking place between the two parties.
TPG Telecom shares were up 21.62% at the close in Sydney.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.5% to hit another record close of 9,162.61, ld higher by local e-commerce giant Trade Me, which was ahead 6.2%.
Trade Me had announced a special dividend after reaching record earnings.
The down under dollars were a mixed bag, with the Aussie last 0.16% weaker at AUD 1.3599, and the Kiwi strengthening 0.22% to NZD 1.4906.