Asia report: Markets finish mixed as traders react to China tariff news
Markets in Asia finished their sessions in a mixed state on Monday, with an early surge tempered by a reaction to reports China was preparing a new round of tariffs on US goods in an ongoing trans-Pacific trade spat.
AUD/USD
$0.6534
12:14 26/04/24
GBP/NZD
NZD2.1035
12:14 26/04/24
Hang Seng
17,651.15
10:20 26/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥156.6870
12:14 26/04/24
In Japan, the Nikkei 225 was down 0.08% at 22,507.32, as the yen weakened 0.23% against the dollar to last trade at JPY 111.51.
Declines were seen across most sectors of the Tokyo benchmark, with iron and steel plays and the telecoms sector being notable exceptions.
The broader Topix index fared worse, ending the day 0.56% below the waterline.
On the mainland, the Shanghai Composite slid 1.26% to 2,705.84, and the smaller, technology-heavy Shenzhen Composite ended down 2.08% at 1,455.09.
South Korea’s Kospi was off 0.05% at 2,286.50, while the Hang Seng Index in Hong Kong managed gains of 0.52% to 27,819.56.
Steel producers were among the winners of the day in Seoul, with Posco rising 2.64%, while the blue-chip technology plays were a mixed affair.
Chipmaker SK Hynix was down 4.68%, while technology giant Samsung Electronics added 0.11%.
Sentiment was dampened as investors reacted to reports on Friday that China was preparing tariffs of between 5% and 25% on a list of US imports worth around $60bn.
Beijing officials said the duties would be imposed should Washington go ahead with its most recent threats to increase its own punitive measures against Chinese imports.
President Trump said last week that his officials were investigating how to impose tariffs of 25% on around $200bn of Chinese goods.
Oil prices were higher, with Brent crude last up 0.97% at $73.93 per barrel, and West Texas Intermediate adding 1.25% to $69.36.
In Australia, the S&P/ASX 200 rose 0.61% to 6,273.00, led higher by the materials subindex, as the major miners surged into the green.
BHP was ahead 2.16% in Sydney trading, with Rio Tinto managing to add 0.63%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.4% higher at 8,903.13, led higher by health products exporter Comvita, which added 1.8%.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.24% at AUD 1.3543, and the Kiwi retreating 0.22% to NZD 1.4860.