Asia report: Most markets higher as sentiment improves ahead of G20
Most markets in Asia were higher on Wednesday, as investors started to show a wee bit more confidence ahead of a landmark meeting between Donald Trump and Xi Jinping 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 1.02% at 22,177.02, as the yen weakened 0.1% to last trade at JPY 113.9.
The broader Topix index rose 0.58% to 1,653.66 in Tokyo.
On the mainland, the Shanghai Composite was ahead 1.05% at 2,601.74, and the smaller, technology-heavy Shenzhen Composite was 1.4% firmer at 1,355.38.
South Korea’s Kospi rose 0.42% at 2,108.22, while the Hang Seng Index in Hong Kong was 1.33% higher at 26,682.56.
Sentiment in the region was given a boost by a solid session on Wall Street overnight, which came after positive comments about the currently tense relationship between Beijing and Washington.
National Economic Council director Larry Kudlow said the Trump administration was having “a lot of communication with the Chinese government at all levels”, adding that Trump believed there was a decent chance that the two nations could reach an agreement over their ongoing trade spat.
“Markets feel poised for some significant moves and it does look like this G20 meeting is shaping up to be one of the most important in recent history in terms of market focus,” noted analysts at Rakuten Securities Australia.
They added that it was not the actual summit that investors were looking towards, but the meeting between Trump and Xi scheduled to occur on the sidelines of the G20.
Oil prices were weaker, with Brent crude last down 1.09% at $59.56 per barrel and West Texas Intermediate falling 0.76% to $51.17.
In Australia, the S&P/ASX 200 slipped 0.06% to 5,725.10, with the major miners broadly below the waterline.
BHP was down 0.84% in Sydney trading and Rio Tinto was 2.17 weaker, although Fortescue Metals managed to strengthen 2.34%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.5% higher at 8,713.96, led higher by payment technology firm Pushpay, which was up 4.9%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.19% at AUD 1.3815, and the Kiwi strengthening 0.07% to NZD 1.4715.