Asia report: Markets mixed as trade war sentiment continues to sour
Markets in Asia finished in a mixed state on Friday, with concerns over the ongoing trade war between the US and China continuing to linger.
AUD/USD
$0.6563
10:16 29/04/24
GBP/NZD
NZD2.1008
10:15 29/04/24
Hang Seng
17,753.98
10:20 26/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥155.8200
10:16 29/04/24
In Japan, the Nikkei 225 lost 0.16% to close at 21,117.22, as the yen weakened 0.03% against the dollar to last trade at JPY 109.64.
Of the major components on the Tokyo benchmark, automation specialist Fanuc was down 0.99% and fashion firm Fast Retailing lost 0.79%, while technology conglomerate SoftBank Group added 2.03%.
The broader Topix index rose 0.04% to finish its session at 1,154.21.
On the mainland, the Shanghai Composite eked out gains of 0.02% to 2,852.99, and the smaller, technology-heavy Shenzhen Composite was 0.49% lower at 1,496.03.
South Korea’s Kospi fell 0.69% to 2,045.31, while the Hang Seng Index in Hong Kong managed gains of 0.32% to settle at 27,353.93.
The blue-chip technology stocks were in the red in Seoul, with Samsung Electronics down 2.62% and SK Hynix falling 0.59%.
A lack of common ground between Washington and Beijing was becoming a major theme in the latter parts of the week, after China accused the US of changing its mind repeatedly in negotiations.
Analysts at ANZ Research suggested that a negative change in sentiment when it comes to negotiations between the US and China was having an impact on markets.
“China is prepared to hunker down and support its private enterprises rather than yield to the financial pressures being applied by the US,” they said.
Oil prices were higher as the region entered the weekend, with Brent crude last up 1.14% at $68.54, and West Texas Intermediate adding 1.18% to $58.60 per barrel.
In Australia, the S&P/ASX 200 slid 0.55% to 6,456.00, as the hefty financials subindex lost 0.45% in Sydney trading.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was off 0.4% at 10,222.36, led lower by software firm Gentrack, which lost 6.3% after it wrote down the value of an underperforming acquisition.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.03% at AUD 1.4486, and the Kiwi advancing 0.23% to NZD 1.5299.