Asia report: Most markets rise after Trump visits Japan
Most markets in Asia finished in the green on Tuesday, as markets digested the aftermath of a state visit to Japan by US president Donald Trump.
AUD/USD
$0.6558
11:30 29/04/24
GBP/NZD
NZD2.0982
11:29 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
¥155.8595
11:30 29/04/24
In Japan, the Nikkei 225 was ahead 0.37% at 21,260.14, as the yen strengthened 0.07% against the dollar to last trade at JPY 109.43.
Of the major components on the Tokyo benchmark, automation specialist Fanuc was up 0.3% and technology conglomerate SoftBank Group added 0.57%, while fashion firm Fast Retailing lost 0.08%.
Semiconductor equipment company Tokyo Electron was one of the leading risers, adding 2.7% after the firm announced a share buyback.
The broader Topix index was up 0.26%, finishing its Tuesday session at 1,550.99.
Donald Trump ended a four-day state visit to Japan during the day, after fronting a press conference with Japanese prime minister Shinzo Abe on Monday.
The leaders were meeting as the two countries seeked to find common ground on a trade deal, with Trump asserting that he wanted to remove barriers to trade, allowing exports from America a more level playing field in the Japanese market.
He did also use similar rhetoric as in his ongoing trade stand-off with China, however, suggesting he wanted to address the “unbelievably large” trade imbalance the US had with Japan.
On the mainland, the Shanghai Composite was 0.61% higher at 2,909.91, and the smaller, technology-heavy Shenzhen Composite advanced 0.52% to 1,541.65.
The trade war with the US was still very high on the agenda for traders in China, with Donald Trump telling media in Japan on Monday that Washington was “not ready” to agree a trade deal with the People’s Republic.
“Trump’s comment that the US was not ready to make a trade deal with China had little impact on the market,” noted London Capital Group head of research Jasper Lawler.
“Investors are waiting for fresh cues as trade tensions and weaker economic data have driven stocks over the past few weeks.
“The markets are pausing for breath from the trade tensions story but this should change as we move towards the G20 where hopes of a resolution should intensify.”
South Korea’s Kospi managed gains of 0.23% to 2,048.83, while the Hang Seng Index in Hong Kong rose 0.38% to close at 27,390.81.
The blue-chip technology stocks were in the red in Seoul, with Samsung Electronics down 0.23% and chipmaker SK Hynix falling 1.49%.
Oil prices were mixed as the region went to bed, with Brent crude last up 0.01% at $70.12 per barrel, as West Texas Intermediate lost 0.17% to $59.03.
In Australia, the S&P/ASX 200 gained 0.51% to end its session at 6,484.80, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was the odd one out in the region, falling 0.2% to 10,123.32.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.13% at AUD 1.4437, and the Kiwi advancing 0.11% to NZD 1.5266.