Asia report: Markets take a dip as Xi talks up Chinese self-determination
Markets in Asia ended Tuesday lower, following a depressing finish on Wall Street overnight as sentiment around global economic outlook took a dip.
AUD/USD
$0.6522
03:40 24/04/24
GBP/NZD
NZD2.0964
03:39 24/04/24
Hang Seng
16,828.93
10:21 23/04/24
Nikkei 225
38,318.81
09:44 23/04/24
USD/JPY
¥154.7900
03:40 24/04/24
In Japan, the Nikkei 225 was down 1.82% at 21,115.45, as the yen strengthened 0.38% against the dollar to last trade at JPY 112.40.
The broader Topix index tumbled 1.99% to close at 1,562.51 in Tokyo, while fast fashion giant Fast Retailing was 1.61% lower.
On the mainland, the Shanghai Composite was off 0.82% at 2,576.65, and the smaller, technology-heavy Shenzhen Composite ended 0.81% weaker at 1,312.55.
Chinese leader Xi Jinping addressed the nation during the day as China celebrated 40 years since its economic reforms, urging his countrymen to “stay the course” on the current reform being instituted.
“No one is in a position to dictate to the Chinese people what should or should not be done,” Xi said.
Investors had been hoping for some clues that Xi wanted to steer the country in a direction with less state control of industry, but were left somewhat disappointed.
South Korea’s Kospi fell 0.43% to 2,062.11, while the Hang Seng Index in Hong Kong was 1.05% lower at 25,814.25.
Oil prices were lower, with Brent crude last down 2.27% at $58.29 per barrel, and West Texas Intermediate falling 2.38% to $48.72.
In Australia, the S&P/ASX 200 slid 1.22% to end the session at 5,589.50, with the hefty financials subindex dipping 1.5%.
Of the big four banks, Australia and New Zealand Banking Group was down 2.95%, Commonwealth Bank of Australia was 0.95% lower, National Australia Bank fell 1.78%, and Westpac Banking Corporation slid 2.95%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was down 0.7% at 8,688.37, led lower by banking group Heartland, which was off 6.9% to its lowest closing price since August 2016.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.25% at AUD 1.3897, and the Kiwi advancing 0.99% to NZD 1.4551.