Asia report: Markets mixed as some clarity brought to US investment plans
Markets in Asia finished mixed on Thursday, as traders spent the session digesting even further developments in the ongoing trade stand-off between the US and China.
AUD/USD
$0.6529
10:54 25/04/24
GBP/NZD
NZD2.0992
10:53 25/04/24
Hang Seng
17,284.54
10:21 24/04/24
Nikkei 225
37,628.48
09:43 25/04/24
USD/JPY
¥155.6620
10:54 25/04/24
In Japan, the Nikkei 225 was off 0.01% at 22,270.39, as the yen strengthened 0.08% against the dollar to last trade at JPY 110.17.
Gains among miners and semiconductor manufacturers were offset by a continued descent among airlines in Tokyo, as the Topix air transport subindex lost 1.64%.
On the mainland, the Shanghai Composite was down 0.97% at 2,785.98, and the smaller, technology-heavy Shenzhen Composite closed 1.19% lower at 1,556.82.
South Korea’s Kospi fell 1.19% to 2,314.24, while the Hang Seng Index in Hong Kong was ahead 0.5% at 28,497.32.
The blue-chip technology stocks floundered in Seoul, with Samsung Electronics down 2.4% and SK Hynix falling 2%.
Losses for Samsung came despite the firm settling a lengthy patent dispute with American technology giant Apple during the day.
Korean Air Lines fell 3.57%, amid reports the firm’s chairman Cho Yang-ho was being questioned over tax evasion allegations.
Sentiment remained depressed on US-China trade, as some clarity was provided overnight on the White House stance on Chinese investment in US tech firms.
The US federal government confirmed it was planning a Committee on Foreign Investment review to look at concerns around overseas acquisitions of American technology.
Markets widely viewed this as a softer approach to the issue than suggestions from president Donald Trump earlier in the week, who said he was looking at specifically targeting capital from the People’s Republic.
Oil prices were mixed, with Brent crude last up 0.42% at $77.95 per barrel, while West Texas Intermediate slipped 0.22% to $72.60.
In Australia, the S&P/ASX 200 managed gains of 0.31% to 6,215.40, led higher by the hefty financials subindex.
Buoyant oil prices also pushed the energy sector higher in Sydney, by 1.83%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 eked out gains of 0.03% to settle at 8,998.79, led higher by manuka honey health products exporter Comvita, which was up 3.2%.
The down under dollars were mixed against the greenback, with the Aussie last ahead 0.04% at AUD 1.3618, while the the Kiwi retreated 0.52% to NZD 1.4791.