Asia report: Markets mostly higher on fresh hopes of trade progress
Markets in Asia were mostly higher on Tuesday, as investors renewed their hopes for positive developments on the US-China trade front following a weekend of chatter at the G7 meeting in France.
AUD/USD
$0.6416
23:00 19/04/24
GBP/NZD
NZD2.1007
23:53 19/04/24
Hang Seng
16,224.14
10:21 19/04/24
Nikkei 225
37,068.35
09:44 19/04/24
USD/JPY
¥154.6345
23:58 19/04/24
In Japan, the Nikkei 225 was ahead 0.96% at 20,456.08, as the yen strengthened 0.3% against the dollar to last trade at JPY 105.80.
Of the major components on the benchmark index, automation specialist Fanuc was up 0.39%, fashion firm Fast Retailing added 1.8%, and technology conglomerate SoftBank Group surged 2.42%.
The broader Topix index rose 0.79% in Tokyo, to close out its trading day at 1,489.69.
On the mainland, the Shanghai Composite added 1.35% to settle at 2,902.19, and the smaller, technology-heavy Shenzhen Composite was 1.87% higher at 1,595.82.
South Korea’s Kospi was 0.43% firmer at 1,924.60, while the Hang Seng Index in Hong Kong went against the regional trend, slipping 0.06% to close at 25,664.07.
Both of the blue-chip technology stocks were green in Seoul, with Samsung Electronics up 1.03%, and chipmaker SK Hynix ahead 1.67%.
Investors were keen for developments in the ongoing trade war between Washington and Beijing throughout the Asian day, following a suggestion from US president Donald Trump overnight that his trade officials had received phone calls from China, that they were ready to return to negotiations.
China’s Foreign Ministry spokesman Geng Shuang, however, said that he was not aware of any phone calls between the two economic superpowers - something backed up by Chinese state-controlled media.
“Based on what I know, Chinese and US top negotiators didn’t hold phone talks in recent days,” tweeted The Global Times editor-in-chief Hu Xijin.
London Capital Group head of research Jasper Lawler said that lack of confirmation from China indicated that the latest headline could be Trump “backpedaling” after seeing the market’s heavy falls from the previous week.
“Yet investors are willing to cling on to the optimism stemming from Trump’s softer tone,” he wrote.
“China’s silence and the unsubstantiated nature of Trump’s claims, could see a risk off reversal could be in store sooner rather than later.”
Oil prices were higher as the region went to bed, with Brent crude last up 1.13% at $59.37 per barrel, and West Texas Intermediate advancing 1.27% to $54.33.
In Australia, the S&P/ASX 200 was 0.48% stronger at 6,471.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.3% higher at 10,513.16.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.22% at AUD 1.4791, and the Kiwi retreating 0.3% to NZD 1.5692.