Asia report: Markets lower as Italy-fuelled uncertainty continues
Markets in Asia finished lower on Wednesday, following a sell-off on Wall Street overnight as investors continued to keep an eye on the political crisis in Italy.
AUD/USD
$0.6535
14:10 26/04/24
GBP/NZD
NZD2.1030
14:09 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
¥156.8330
14:10 26/04/24
In Japan, the Nikkei 225 was down 1.52% at 22,018.52, as the yen weakened 0.06% against the dollar to last trade at JPY 108.84.
The broader Topix index fell 1.46% as most sectors were in the red, led lower by banking plays and the nonferrous metals sector.
Nintendo was up 4.34% after it announced three new titles in the popular Pokemon franchise, for its Switch gaming console.
On the mainland, the Shanghai Composite lost 2.53% to 3,041.65, and the smaller, technology-heavy Shenzhen Composite was 2.82% lower at 1,736.34.
South Korea’s Kospi was off 1.96% at 2,409.03, while the Hang Seng Index in Hong Kong fell 1.4% to 30,056.79.
Stocks in Seoul were led into the red by Posco and Samsung Electronics, which were 2.01% and 3.51% lower respectively.
The ongoing political mess in Italy remained at the top of the agenda during the Asian session, with the country expected to head back to the polls in a matter of months.
Italy has not had a government since March, as populist political groups dropped efforts to form a coalition over the weekend just gone as they continue to butt heads with the president.
“The League [and] Five Star is already turning the election into an anti-establishment [and] anti euro one and that's what the market has in its sights,” noted National Australia Bank director of economics David de Garis.
Oil prices were higher, with Brent crude last up 0.88% at $76.06 per barrel and West Texas Intermediate adding 0.58% to $67.12.
In Australia, the S&P/ASX 200 ended the session down 0.48% at 5,984.70, led lower by the hefty financials subindex.
Gold producers and utilities plays offset some of those losses in Sydney, however.
Across the Tasman Sea, the S&P/NZX 50 was 0.1% higher at 8,647.86, led by A2 Milk, which was up 3.1% as it continued to recover from its 16% fall over the last month.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.45% at AUD 1.3263 and the Kiwi strengthening 0.94% to NZD 1.4350.