Asia report: Markets mixed after politically tense Easter weekend
Markets in Asia finished mixed on Tuesday with traders mostly shrugging off geopolitical tension in the region, after another failed missile test from Pyongyang as US Vice President Mike Pence toured the region.
Japan’s Nikkei 225 was up 0.35% at 18,418.59, with the yen weakening against the greenback for much of the session.
It was last slightly stronger after markets went to bed, however, advancing 0.14% to JPY 108.76 per $1.
Banks and financial stocks made serious gains, led by Mizuho Financial which was 1.1% higher.
On the mainland, the Shanghai Composite was down 0.79% at 3,196.60, while the smaller, technology-focussed Shenzhen Composite was off 0.62% at 1,946.42.
Fresh data suggested a 0.6% rise in house prices month-on-month in China in March, even after the government had introduced measures to try and cool the property market.
South Korea’s Kospi was 0.13% higher at 2,148.46, while Hong Kong’s Hang Seng Index ended down 1.39% at 23,924.54.
Technology plays were among the best performers in Seoul, with microchip manufacturer SK Hynix a standout, adding 2.03%.
The defence sector was another winner as tensions on the peninsula tightened, with Korea Aerospace up 1.1% by end of play.
Former president Park Geun-hye was formally charged with bribery on Monday as well, after her cash-for-influence corruption scandal saw her booted from office, though that seemed to have little effect on markets by Tuesday.
The US Vice President met with Japanese Prime Minister Shinzo Abe on the second stop of his tour of Asia, reiterating his rhetoric that America was set to work with allies on dealing with the North Korea problem.
He had visited the South Korean side of the demilitarised zone that divides the Korean Peninsula on Monday.
In a press conference metres away from North Korean soldiers, he said “all options are on the table” when it came to dealing with North Korea’s belligerence.
“One suspects the concerns in North Korea has further to play out,” noted IG chief market strategist Chris Weston.
“With this in mind, there will be a strong focus on next week's meeting between the Russians, the US and the United Nations to discuss Syria and North Korea, although a week seems a long time in markets.”
Oil prices were lower on Tuesday after reports that shale production was set to rise in the US.
Brent crude was last down 0.89% at $54.87 per barrel,
In Australia, the S&P/ASX 200 was down 0.9% at 5,836.74, with miners the big losers of the day.
Fortescue Metals slid 7.45% during the session.
In New Zealand, the S&P/NZX 50 rose 0.05% to 7,233.6, with healthcare software developer Orion Health surging 5.2%.
The rise came after the company confirmed it had signed a contract with Dorset County Council in the UK for its Amadeus medicine platform, worth NZD 9.3m.
It was a mixed day for the down under dollars, with the Kiwi last 0.12% stronger at NZD 1.4248 against the greenback and the Ausse retreating 0.67% to AUD 1.3272 per $1.