Asia report: Markets mixed as traders watch for central bank signals
Asian markets finished mixed on Tuesday, with traders keeping their wallets in their back pockets ahead of a slew of key central bank signals.
AUD/USD
$0.6568
18:26 29/04/24
GBP/NZD
NZD2.1020
18:25 29/04/24
Hang Seng
17,746.91
10:20 29/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥156.4980
18:26 29/04/24
In Japan, the Nikkei 225 was up 0.36% at 20,225.09, as the yen gained slightly on the greenback, last moving ahead 0.06% to JPY 111.79.
Reports emerged that Toshiba could put pen to paper on the sale of its valuable memory chip unit to a state-backed consortium within a week.
The embattled technology firm had been attempting to sell the business for several months, in a bid to shore up a cash crisis exacerbated by the failure of its US nuclear development acquisition Westinghouse Electric.
Computer memory giant Western Digital remained staunchly opposed to the deal, claiming it had a say in how it progressed given its SanDisk subsidiary was in joint venture with Toshiba on the operation of its memory manufacturing facility.
Toshiba shares finished the session down 1.74%.
On the mainland, the Shanghai Composite was up 0.19% at 3,191.51, while the Shenzhen Composite eked out gains of 0.01% to finish at 1,898.54.
South Korea’s Kospi was up 0.14% at 2,391.95, while the Hang Seng Index in Hong Kong lost 0.12% to close at 25,839.99.
Some small caps were under severe pressure in Hong Kong, with China Jicheng plummeting 93.93% and Greater China Professional Services losing 93.81%.
Traders were watching for a number of central bank indicators, with Federal Reserve chair Janet Yellen set to speak in London later in the global day, while the European Central Bank Forum took their seats in Portugal.
“Despite the plethora of central bankers on tap, it's unlikely there will be any revelations on monetary policy forthcoming,” noted OANDA senior trader Stephen Innes.
“And given the proximity to the recent Federal Open Market Committee, there will certainly be no backpedaling from Dr Yellen.”
Oil prices were higher for the fourth session in a row, with Brent crude last up 1.23% at $46.40 per barrel and West Texas Intermediate adding 1.07% to $43.85.
In Australia, the S&P/ASX 200 was off 0.1% at 5,714.19, with natural health products manufacturer Blackmores falling 4.41% after it emerged its chief executive officer was to step down.
The board confirmed it had asked director Michael Blackmore to take the reins on an interim basis.
New Zealand’s S&P/NZX 50 rose 0.4% to reach a new all-time record close of 7,626.35, led higher by manuka honey health products exporter Comvita, which added 6.7%.
Investors seemed satiated by the company’s claims that an outbreak of the feared myrtle rust plant disease posed a low risk to the manuka honey industry, citing experience with the disease in Australia.
Productivity in businesses across the country was likely lower during the day, after its national sailing team snatched the America’s Cup yachting trophy from Team USA - owned by Oracle software magnate Larry Ellison - in a final race in Bermuda, broadcast before sunrise Wellington time.
The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.27% at AUD 1.3149 and the Kiwi moving forward 0.17% to NZD 1.3696.