Asia report: China bourses lead region higher
Markets in Asia finished higher across the board on Tuesday, led by a surge in China as renminbi fell.
AUD/USD
$0.6549
10:16 26/04/24
GBP/NZD
NZD2.1002
10:16 26/04/24
Hang Seng
17,675.82
10:21 25/04/24
Nikkei 225
37,934.76
09:17 26/04/24
USD/JPY
¥156.2525
10:16 26/04/24
In Japan, the Nikkei 225 was up 0.51% at 22,510.48, as the yen strengthened 0.15% against the dollar to last trade at JPY 111.18.
Iron and steel plays led the risers in Tokyo, rising 2.39%, with most other sectors also finishing the day in the green.
Carmakers put in a decent performance, as recent strength seen in the yen slipped away earlier in the day.
On the mainland, the Shanghai Composite rocketed 1.62% to 2,905.94, and the smaller, technology-heavy Shenzhen Composite advanced 1.51% to 1,625.84.
The gains in China came on the back of an announcement from the country’s State Council on Monday, which said it would seek a “more vigorous” fiscal policy as the economy slowed.
Renminbi extended it losses from Monday, with the offshore yuan trading as much as 0.6% lower on the dollar during the session.
South Korea’s Kospi was 0.48% higher at 2,280.20, while the Hang Seng Index in Hong Kong leapt 1.44% to 28,662.57.
Corporate earnings were the flavour of the day in Seoul, with Posco adding 2.52% even after it missed its earnings estimates on Monday.
The ship construction sector was on the back foot, with Hyundai Heavy Industries down 1.31% and Samsung Heavy Industries off 2.38%, after both firms reported operating losses.
Strength in Asia came after a mixed session on Wall Street overnight, which saw technology plays advance after a string of strong earnings reports.
Google owner Alphabet leapt after it blew expectations out of the water on Monday, with investors now looking for similarly encouraging numbers from Facebook and Amazon on Wednesday and Thursday.
Recent data from FactSet showed that 82% of S&P 500 companies that have reported so far this earnings season have topped expectations.
Oil prices were higher, with Brent crude last up 0.08% at $73.12 per barrel, and West Texas Intermediate adding 0.31% to $68.10.
In Australia, the S&P/ASX 200 was 0.61% higher at 6,265.80, led higher by the materials subindex.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.3% higher at 8,901.32, led higher by beleaguered construction conglomerate Fletcher Building, which was up 2.3%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.29% at AUD 1.3510 and the Kiwi advancing 0.25% to NZD 1.4703.