Asia report: Markets mixed as Trump and Kim meet in Vietnam

Markets in Asia were in a mixed state as they closed on Wednesday, as investors held their breath ahead of a meeting between US president Donald Trump and North Korea leader Kim Jong-un, taking place in Vietnam.

In Japan, the Nikkei 225 was up 0.5% at 21,556.51, as the yen strengthened 0.13% against the dollar to last trade at JPY 110.45.

The broader Topix index was 0.2% higher in Tokyo, ending the day at 1,620.42.

Fast fashion empire Fast Retailing, which boasts the popular apparel chain Uniqlo among its assets, finished up 2.67%.

On the mainland, the Shanghai Composite was 0.42% firmer at 2,953.82, and the smaller, technology-heavy Shenzhen Composite fell 0.57% to 1,540.92.

South Korea’s Kospi was ahead 0.37% at 2,234.79, while the Hang Seng Index in Hong Kong slipped 0.05% to 28,757.44.

Hyundai Motor was one of the big stories in Seoul, gaining 5.31% after it rejected a payout call from activist fund Elliott Management on Tuesday.

Eyes across the region were firmly fixed on Vietnam, where Trump and Kim were meeting for the second time in the last year.

The main priority for the talks is for the Americans to convince North Korea to end its nuclear programme, in exchange for relief from economic sanctions on the hermit state.

Oil prices were higher as the region went to bed, with Brent crude last up 1.23% at $66.02 per barrel, and West Texas Intermediate 1.63% higher at $56.42.

In Australia, the S&P/ASX 200 managed gains of 0.36% to 6,150.30, as most subindices in Sydney basked in the green.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 fell 0.4% to 9,281.47.

Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.27% at AUD 1.3955, and the Kiwi retreating 0.3% to NZD 1.4556.