Asia report: Most markets lower as China, US agree new round of talks
Almost all bourses in Asia were in the red on Thursday, though many saw early steep losses pare back later in the day as Beijing confirmed it was preparing for a fresh round of trade talks with Washington.
AUD/USD
$0.6391
03:20 19/04/24
GBP/NZD
NZD2.1127
03:20 19/04/24
Hang Seng
16,385.87
10:20 18/04/24
Nikkei 225
37,247.03
09:44 18/04/24
USD/JPY
¥154.4605
03:20 19/04/24
In Japan, the Nikkei 225 was off 0.05% at 22,192.04, as the yen strengthened 0.12% against the dollar to last trade at JPY 110.61.
On the mainland, the Shanghai Composite was 0.62% lower at 2,705.97, and the smaller, technology-heavy Shenzhen Composite slid 0.99% to 1,467.12.
Late in the day, officials in Beijing confirmed they had accepted an invitation from the White House for a new round of trade talks later in the month.
China’s vice minister of commerce Wang Shouwen would lead the delegation from the People’s Republic, with Beijing saying it would be open to dialogue but was not keen on discussing protectionism and unilateralism.
South Korea’s Kospi was down 0.8% at 2,240.80, while teh Hang Seng Index in Hong Kong lost 0.82% to 27,100.06.
The blue-chip technology sector was in a mixed state in Seoul, following a poor showing from Silicon Valley plays on Wall Street overnight.
Tech giant Samsung Electronics was 1.99% lower, and chipmaker SK Hynix slid 1.58%.
Oil prices were higher, with Brent crude last up 0.72% at $71.27 per barrel, and West Texas Intermediate rising 0.34% to $65.23.
In Australia, the S&P/ASX 200 slipped just 0.01% to settle at 6,328.30, with the energy and materials sectors undermining the benchmark thanks to a fall in commodity prices overnight.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was the odd one out, finishing 0.1% higher at 8,998.91, led higher by rubber products conglomerate Skellerup, which added 4% following a record earnings report.
Both of the down under dollars were last 0.4% stronger on the greenback, with the Aussie moving to AUD 1.3763 and the Kiwi advancing to NZX 1.5169.