Asia report: Most markets lower after number of trading holidays
Markets in Asia finished lower on Wednesday, as a number of markets returned to trade in the region after public holidays.
AUD/USD
$0.6485
19:02 23/04/24
GBP/NZD
NZD2.0954
19:01 23/04/24
Hang Seng
16,828.93
10:21 23/04/24
Nikkei 225
37,552.16
09:44 23/04/24
USD/JPY
¥154.8180
19:02 23/04/24
In Japan, the Nikkei 225 was down 0.16% at 22,472.78, as the yen strengthened 0.06% against the dollar to last trade at JPY 109.79.
The broader Topix was down 0.15% in Tokyo, with carmakers, miners and oil plays all recording losses.
On the mainland, the Shanghai Composite was flat, losing just 0.13 points to 3,082.10, as the smaller, technology-heavy Shenzhen Composite lost 0.07% to 1,774.90.
Fresh economic data failed to buoy traders in the People’s Republic, as the unofficial Caixin manufacturing PMI beat expectations for April at 51.1, compared to forecasts for 50.9.
South Korea’s Kospi slipped 0.39% to 2,505.61, while the Hang Seng Index in Hong Kong ended the day 0.27% weaker at 30,723.88.
Carmakers were on the back foot in Seoul, as were steel producers, while it was financial plays that led losses in Hong Kong.
Oil prices were lower, with Brent crude last down 0.65% at $72.66 per barrel and West Texas Intermediate off 0.1% at $67.18.
In Australia, the S&P/ASX 200 was an exception to the regional trend, adding 0.58% to 6,050.20, with all subindices seeing gains, apart from telecommunications.
Flag carrier Qantas leapt 8.1% after it reported expectations for full-year pre-tax profit of betweeen AUD 1.55bn and AUD 1.6bn.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was also higher, climbing 0.7% to 8,494.24.
It was led higher by infant food and dairy products exporter A2 Milk. which was up 3.5%.
The ongoing Royal Commission of Inquiry into the region’s large banks in Australia spilled over to New Zealand this week as well.
Reserve Bank of New Zealand governor Adrian Orr and Financial Markets Authority chief executive Rob Everett had called representatives from the country’s largest banks, including Australia and New Zealand Banking Group and Westpac Banking Corporation, to meet in Wellington.
They reportedly told the banks’ chief executives to demonstrate why their business practices in New Zealand differed from those in their Australian operations, following a number of revelations concerning to regulators at the Royal Commission.
Both of the down under dollars were marginally stronger on the greenback, with the Aussie last ahead 0.07% at AUD 1.3341 and the Kiwi advancing 0.06% to NZD 1.4268.