Asia report: Markets mixed as US-China tensions remain tight
Markets in Asia were mixed on Friday, as traders continued to fix their focus on the ongoing trade battle between the US and China.
AUD/USD
$0.6518
22:04 25/04/24
GBP/NZD
NZD2.1041
22:03 25/04/24
Hang Seng
17,284.54
10:21 25/04/24
Nikkei 225
37,628.48
09:43 25/04/24
USD/JPY
¥155.6260
22:04 25/04/24
In Japan, the Nikkei 225 was down 0.8% at 22,307.06, as the yen remained flat against the dollar to last trade at JPY 110.75.
Sentiment in the country took a hit, after the Wall Street Journal reported that Donald Trump could be setting Japan in his sights as his next target for punitive trade tariffs.
On the mainland, the Shanghai Composite was 0.4% higher at 2,702.30, and the smaller, technology-heavy Shenzhen Composite added 0.11% to 1,433.36.
South Korea’s Kospi was 0.26% lower at 2,281.58, while the Hang Seng Index in Hong Kong was flat, eking out gains of 0.01% to 26,973.47.
The blue-chip technology stocks in Seoul were dragged lower once again by the tech sell-off on Wall Street, with SK Hynix losing 3.68%.
Market watchers were anticipating another escalation in the trade war between Washington and Beijing, after reports earlier in the week that Trump could implement his planned tariffs on $200bn of Chinese goods during the Asian trading day, as that was when the public submission period on the plan ended.
That did not occur, however.
The commerce ministry in the People’s Republic did confirm on Thursday that it would retaliate once more should the US impose more tariffs on their exports.
“We believe the US government will continue to escalate the scale and scope of trade and investment measures against China,” noted ANZ Research’s chief China economist Raymond Yeung.
“The Trump administration is not simply targeting the bilateral trade balance between the US and China.”
Oil prices were mixed, with Brent crude last down 0.01% at $76.49 per barrel, and West Texas Intermediate rising 0.09% to $67.83.
In Australia, the S&P/ASX 200 was 0.27% lower at 6,143.80, while New Zealand’s S&P/NZX 50 slipped 0.1% to 9,095.39.
Both of the down under dollars were weaker against the greenback, with the Aussie last off 0.55% at AUD 1.3964 and the Kiwi retreating 0.18% to NZD 1.5208.