Asia report: Most markets higher ahead of Trump-Xi meeting
Most markets in Asia were in the green on Thursday, as investors placed their bets ahead of a crunch meeting between Xi Jinping and Donald Trump on the sidelines of the G20 summit in Buenos Aires.
AUD/USD
$0.6528
10:38 25/04/24
GBP/NZD
NZD2.0996
10:37 25/04/24
Hang Seng
17,284.54
10:21 24/04/24
Nikkei 225
37,628.48
09:39 25/04/24
USD/JPY
¥155.6610
10:38 25/04/24
In Japan, the Nikkei 225 was ahead 0.39% at 22,262.60, as the yen strengthened 0.27% against the dollar to last trade at JPY 113.37.
The broader Topix index was up 0.35% in Tokyo.
On the mainland, the Shanghai Composite slid 1.32% to 2,567.44, and the smaller, technology-heavy Shenzhen Composite fell 2.2% to 1,325.43.
South Korea’s Kospi grew 0.28% to finish at 2,114.10, while the Hang Seng Index in Hong Kong slipped 0.87% to 26,451.03.
Market sentiment was given a boost early in the Asian session after a solid rally on Wall Street overnight, where the Dow Jones Industrial Average added more than 600 points.
The positivity stateside came after Jerome Powell said late on Wednesday that the Federal Reserve’s interest rate targets were almost at neutral.
Analysts were buoyed by this change of rhetoric from the Fed chair.
“These comments tell us one of two things … that the Fed has finally figured out where the neutral rate is or they believe that a pause in tightening has become necessary,” noted BK Asset Management foreign exchange strategy director Kathy Lien.
Looking ahead, traders were keen to see the outcome of a meeting between US president Donald Trump and his Chinese counterpart Xi Jinping, with many expecting them to at least agree to a pause in the ongoing trade spat between the two nations.
Oil prices were higher after the region went to bed, with Brent crude last up 1.41% at $59.60 per barrel, and West Texas Intermediate ahead 2.18% at $51.41.
In Australia, the S&P/ASX 200 rose 0.58% to 5,758.40, led higher by the hefty financials and the materials sectors, which were up 0.54% and 1.33% respectively.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.9% higher at 8,794.88, led higher by payment technology firm Pushpay, which was ahead 5.3%.
The down under dollars were mixed against the greenback, with the Aussie last 0.27% stronger at AUD 1.3651, and the Kiwi retreating 0.14% to NZD 1.4575.