Asia report: Most markets higher as trade tensions cool
Markets in Asia finished mostly higher on Thursday, as investors let themselves breathe a small sigh of relief as trade tensions between the US and China eased.
AUD/USD
$0.6548
10:02 26/04/24
GBP/NZD
NZD2.0975
10:02 26/04/24
Hang Seng
17,666.48
10:21 25/04/24
Nikkei 225
37,934.76
09:43 25/04/24
USD/JPY
¥155.4700
10:02 26/04/24
In Japan, the Nikkei 225 was ahead 1.53% at 21,645.42, as the yen weakened 0.31% against the dollar to last trade at JPY 107.11.
Gains were seen across sectors, with the broader Topix rising 1.08%, led by banking stocks, precision instruments and real estate plays.
Steelmakers were in the red, however.
Markets in mainland China, as well as in Hong Kong and Taiwan, were closed for the Ching Ming Festival holiday.
South Korea’s Kospi was up 1.22% at 2,437.52, led by technology names, with Samsung Electronics rocketing ahead 3.88%.
The tech behemoth is due to release guidance for its first-quarter earnings on Friday.
Shipbuilders were also in the green on the Korean peninsula, although carmakers faced pressure.
Sentiment was much improved in the region after US stocks posted serious gains overnight, as trader fears about tightening trade tensions across the Pacific began to ease.
Market chatter was rife with rumours that negotiation was on the horizon between the US and China, after the People’s Republic earlier in the week unveiled plans for tariffs on 106 US-made products.
“The relief is that neither party has pulled the trigger on tariffs,” noted Mizuho Bank head of economics and strategy Vishnu Varathan.
Oil prices were lower after the region went to bed, with Brent crude last off 0.07% at $67.97 and West Texas Intermediate down 0.3% at $63.18.
In Australia, the S&P/ASX 200 added 0.48% to settle at 5,788.80, led higher by the hefty financials subindex, which rose 1.07%, while materials fell 0.59%.
The major miners traded lower, with Rio Tinto leading the declines, falling 1.19%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 went against the regional trend, falling 0.4% to 8,363.99.
The market there was led lower by subscription broadcaster Sky - not related to its London-listed namesake - which plunged 6%.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.37% at AUD 1.3008 and the Kiwi retreating 0.15% to NZD 1.3709.