Asia report: Markets higher as investors brush off trade concerns
Markets in Asia finished in the green on Wednesday, as investors shrugged off trade concerns after a mixed session on Wall Street overnight.
In Japan, the Nikkei 225 was up 0.38% to 22,625.73, as the yen weakened 0.38% against the dollar to last trade at JPY 110.21.
Energy and technology stocks were among the biggest gainers in Tokyo, as the broader Topix index managed to finished 0.15% higher, although consumer plays were in the red.
On the mainland, the Shanghai Composite eked out gains of 0.05% to 3,115.68, and the smaller, technology-heavy Shenzhen Composite rose 0.08% to 1,779.15.
South Korean markets were closed, while the Hang Seng Index in Hong Kong was up 0.53% to 31,259.10.
Sentiment was high after a mixed close in the US, following a session in which the Nasdaq Composite touched a record high and managed its second record close this week.
But despite the rosy feeling in the market, trade concerns were still high on the agenda amid reports that China agreed to buy nearly $70bn of agriculture and energy products from the US, if Washington puts its plans for more tariffs on Chinese imports on hold.
The White House was also in the middle of trade talks with its neighbours and fellow North American Free Trade Agreement signatories Canada and Mexico, after it decided to impose punitive metals tariffs on both of them as well as the European Union last week.
President Donald Trump was reportedly mulling separate negotiations with both neighbours, although it was not immediately clear if such agreements would spell the end of the NAFTA trade regime.
Oil prices were lower, with Brent crude last down 0.17% at $75.25 per barrel and West Texas Intermediate falling 0.68% to $65.08.
In Australia, the S&P/ASX 200 added 0.5% to 6,025.10, with gains in the resources and energy sectors offsetting losses for the hefty financials subindex, which was led lower by the big four regional banks.
Among the major miners, BHP was up 1.99% in Sydney trading, and Rio Tinto added 2.51%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.6% to finish at a record high of 8,813.45 as investors lapped up dividend-carrying stocks.
Medical technology maker Fisher & Paykel Healthcare led the benchmark, rising 3.5% a week after it posted both a record profit and said it was forecasting an expectation-beating current year.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.53% at AUD 1.3060 and the Kiwi strengthening 0.3% to NZD 1.4193.