Asia report: Markets mixed as Trump trade fears continue
Markets in Asia finished mixed on Thursday, with political developments in the US remaining in focus, as the White House said it wanted China’s trade surplus with the US to drop by $100bn.
AUD/USD
$0.6564
05:02 29/04/24
GBP/NZD
NZD2.1001
05:01 29/04/24
Hang Seng
17,947.02
10:20 26/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥159.3970
05:02 29/04/24
In Japan, the Nikkei 225 was ahead 0.12% at 21,803.95, as the yen strengthened -0.31% against the dollar to last trade at JPY 105.99.
Retailers were on the front foot in Tokyo, with shipping lines falling behind, and carmakers and technology plays finishing mixed.
On the mainland, the Shanghai Composite eked out gains of 0.01% to 3,291.61, and the smaller, technology-heavy Shenzhen Composite slid 0.22% to 1,874.41.
Recent listings in China were among the losers of the day, with China Express Airlines falling 9.93%.
The drops in new stocks came after Xinhua quoted regulators in a report, saying such companies were more exposed to near-term speculation.
South Korea’s Kospi was up 0.25% at 2,492.38, while the Hang Seng Index in Hong Kong rose 0.34% to 31,541.10.
Much attention in the region was focussed on the Trump administration’s ongoing barrage of anti-trade sentiment, with the White House suggesting indefinite tariffs and restrictions on investment be imposed on China.
A report from Reuters suggested Trump could introduce tariffs on $60bn worth of goods from China.
Overnight, the US president’s office also said they wanted China to reduce its trade surplus with the US by $100bn - far more than the $1bn suggested by the president in a tweet last week.
Oil prices were higher, with Brent crude last up 0.32% at $65.10 per barrel and West Texas Intermediate adding 0.44% to $61.23.
In Australia, the S&P/ASX 200 lost 0.24% to settle at 5,920.80, led lower by the hefty financials subindex, which fell 0.89% by end-of-play.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 added 0.4% to 8,427.33 on mixed trade, led higher by construction conglomerate Fletcher Building and subscription broadcaster Sky - unrelated to its London-listed namesake - which added 1.8% and 1.9% respectively.
The rises were seen by local analysts as value plays, given both stocks suffered massively in recent months amid turbulent markets and profit warnings.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.51% at AUD 1.2759 and the Kiwi retreating 0.54% to NZD 1.3712.