Asia report: Markets mixed amid uninspiring trade
Markets in Asia finished mixed on Friday, as investors spent the end of the week focussing on trade developments and upcoming events on the economic calendar.
AUD/USD
$0.6416
23:00 19/04/24
GBP/NZD
NZD2.1007
23:53 19/04/24
Hang Seng
16,224.14
10:21 19/04/24
Nikkei 225
37,068.35
09:44 19/04/24
USD/JPY
¥154.6345
23:58 19/04/24
In Japan, the Nikkei 225 was ahead 0.56% at 22,712.75, as the yen strengthened 0.09% against the dollar to last trade at JPY 111.13.
Gains were relatively broad in Tokyo, although securities plays were under pressure, led lower by Nomura.
The company fell 5.79% after it reported a drop in quarterly net profit to JPY 5.2bn, from JPY 56.9bn a year ago.
Investors were also turning their attention to the Bank of Japan’s policy meeting next week.
On the mainland, the Shanghai Composite lost 0.3% to 2,873.59, and the smaller, technology-heavy Shenzhen Composite slid 0.66% to 1,599.08.
South Korea’s Kospi was up 0.26% at 2,294.99, while the Hang Seng Index in Hong Kong eked out gains of 0.08% to 28,804.28.
Despite the mixed and relatively uninspiring trade in the region on Friday, analysts were still chalking it up as a decent week thanks to gains driven by a solid earnings season on Wall Street, and positive developments on the US trade front.
US president Donald Trump and European Commission president Jean-Claude Juncker made a joint pledge on Wednesday to resolve the metals tariffs currently in place on Europe, and the retaliatory charges placed on US exports.
AMP Capital’s head of investment strategy Shane Oliver said it was still too early to crack open the champagne, but did concede that it suggested Trump was not as anti-trade as previously suggested.
“Share markets mostly pushed higher over the last week helped by good US earnings news and a US-European trade agreement,” he noted.
Oil prices were lower, with Brent crude last down 0.31% at $74.31, and West Texas Intermediate falling 0.38% to $69.35 per barrel.
In Australia, the S&P/ASX 200 rose 0.89% to 6,300.20 - its highest level in 10 years - led by the energy subindex.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.7% at 8,996.16, led by payment technology firm Pushpay, which was 4.1% higher.
The down under dollars were mixed against the greenback, with the Aussie last 0.01% stronger at AUD 1.3554, while the Kiwi weakened 0.24% to NZD 1.4776.