Asia report: Most markets lower as sentiment turns even more sour
Markets in Asia finished mostly in the red on Wednesday, after a poor showing on Wall Street overnight as investors continued to hold on to their wallets while waiting for developments on the US-China trade front.
AUD/USD
$0.6568
14:10 29/04/24
GBP/NZD
NZD2.0974
14:10 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
¥156.2950
14:10 29/04/24
In Japan, the Nikkei 225 was down 1.21% at 21,003.37, as the yen strengthened 0.06% against the dollar to last trade at JPY 109.31.
Of the major components on the Tokyo benchmark, automation specialist Fanuc was flat, while fashion firm Fast Retailing lost 1.78% and technology conglomerate SoftBank Group slid 0.24%.
The broader Topix index was down 0.94% to finish its trading dat at 1,536.41.
On the mainland, the Shanghai Composite managed gains of 0.16% to close at 2,914.70, and the smaller, technology-heavy Shenzhen Composite was flat, adding just 0.01 points to close at 1,541.66.
South Korea’s Kospi was odd 1.25% at 2,023.32, while the Hang Seng Index in Hong Kong lost 0.57% to settle at 27,235.71.
The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics down 1.76%, while chipmaker SK Hynix added 0.3%.
Sentiment remained muted and cautious in the region as markets opened, after a session on Wall Street which saw the Dow Jones Industrial Average close more than 200 points lower.
The 10-year US Treasury note yield also fell to its lowest level in 19 months, reaching 2.26%.
Investor caution came after US president Donald Trump said on Monday that Washington was not ready to reach a trade deal with China, and suggested that tariffs on Chinese goods could still rise “substantially”.
“Bonds are rallying as a haven asset, dragging the yields lower as investors fret over stalled US- China trade talks,” said London Capital Group head of research Jasper Lawler.
“Sentiment is taking a turn for the worse as trade tensions between the two powers show no signs of easing.”
Oil prices were lower as the region went to bed, with Brent crude last down 2.82% at $68.19 per barrel, and West Texas Intermediate off 3.25% at $57.28.
In Australia, the S&P/ASX 200 slid 0.69% to 6,440.00, with all subindices in the red on the Sydney bourse.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was down 0.3%, led lower by construction conglomerate Fletcher Building and commercial property investor Precinct Properties, which were off 2.6% and 3%, respectively.
The two firms came under pressure amid reports that one of the country’s largest commercial developments - Commercial Bay in downtown Auckland - was facing more schedule delays and cost overruns.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.02% at AUD 1.4445, and the Kiwi retreating 0.32% to NZD 1.5333.