Asia report: Markets mixed amid fresh US-China trade concerns
Asian markets finished in a mixed state on Wednesday, as sentiment took a dip amid renewed concerns over trade negotiations between the US and China.
In Japan, the Nikkei 225 was down 0.14% at 20,593.72, as the yen weakened 0.38% against the dollar to last trade at JPY 109.79.
Apple supplier Japan Display rocketed 18.75%, after it was reported that the firm was seeking a bailout amid slow sales of the iPhone XR, which uses screens made by the firm.
The Bank of Japan stood pat on interest rates, as expected, and remained firm on its policy of keeping interest rates at extreme lows for an extended period of time.
On the mainland, the Shanghai Composite eked out gains of 0.05% to close at 2,581.00, and the smaller, technology-heavy Shenzhen Composite was up 0.13% at 1,316.28.
Finance officials in Beijing announced during the day that they were planning to increase spending during 2019, in a bid to underpin the country’s slowing economy.
It would follow their CNY 1.3trn slashing of taxes and regulatory fees in 2018.
South Korea’s Kospi rose 0.47% to 2,127.78, while the Hang Seng Index in Hong Kong managed to finish 0.01% above the waterline at 27,008.20.
Sentiment in the region took a hit after reports emerged that the White House had cancelled a trade meeting with officials from Beijing.
White House economic advisor Larry Kudlow denied the story when talking to media, telling CNBC that there never was a planned meeting, other than a scheduled visit from China’s vice-premier Liu He next week.
Oil prices were mixed after falling overnight, with Brent crude last up 0.07% at $61.54 per barrel, and West Texas Intermediate losing 0.04% to $52.99.
In Australia, the S&P/ASX 200 dropped 0.26% to settle at 5,843.70, with the energy subindex falling 1.53% alongside the drop in oil prices.
Of the major energy firms in the sunburnt country, Oil Search was down 1.06%, Santos fell 1.49%, and Woodside Petroleum was off 1.34%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 slipped 0.1% to close at 9,106.03, with that country’s energy generation sector seeing some losses.
Contact Energy fell 0.5%, Mercury NZ lost 1.8%, Meridian Energy slid 1.5%, and Genesis Energy managed gains of 0.8%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.08% at AUD 1.4027, and the Kiwi advancing 0.38% to NZD 1.4752.