Asia report: Markets mixed as US prepares mammoth round of China tariffs
Markets in Asia finished mixed on Monday, with investors keeping their attention firmly fixed on the ongoing trade battle between the US and China.
AUD/USD
$0.6539
15:30 26/04/24
GBP/NZD
NZD2.1015
15:30 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
¥156.8910
15:30 26/04/24
In Japan, the Nikkei 225 was up 0.3% at 22,373.09, as the yen weakened 0.14% against the dollar to last trade at JPY 111.14.
On the mainland, the Shanghai Composite lost 1.21% to 2,669.49, and the smaller, technology-heavy Shenzhen Composite slipped 1.85% to 1,406.92.
South Korea’s Kospi made gains of 0.31% to close at 2,288.66, while the Hang Seng Index in Hong Kong slid 1.33% to 26,613.42.
Technology giant Samsung Electronics kept Seoul’s bourse buoyant, rising 1.34% by the end of the day.
Asia’s mixed session came on the back of a negative end to the week on Wall Street, which itself came after US president Donald Trump said his administration was preparing to impose more punitive tariffs on China, on $267bn worth of imports.
That announcement came after the end of a public submission period on the proposals, which ended during the Asian day on Friday.
“What's striking is that escalating US trade aggression suggests that the appeals of US businesses, warning that tariffs will place burden of rising costs disproportionately on US businesses and consumers, have been in vain on Trump's administration,” noted analyst at Mizuho Bank.
Oil prices were higher, with Brent crude last up 0.66% at $77.34 per barrel, and West Texas Intermediate adding 0.47% to $68.07.
In Australia, the S&P/ASX 200 was almost unchanged, losing just 0.03% to settle at 6,141.70, as the hefty financials subindex was 0.14% below the waterline.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was down 0.5% at 9,048.63, led lower by retirement property group Ryman Healthcare, which was off 2.3%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.3% at AUD 1.4031, and the Kiwi advancing 0.18% to NZD 1.5280.