Asia report: Markets mixed as Trump threatens carmakers
Asian markets were mixed on Friday, with carmakers in Japan falling after President-elect Donald Trump threatened them with tariffs.
The Nikkei Stock Average was down 0.34% at 19,454.33, though it did manage a 1.7% gain for the week as a whole.,
Looking at the carmakers, Honda lost 1.91%, Mazda Motor was down 3.17%, Mitsubishi Motors was 2.64% weaker, Nissan was off 2.21% and Toyota was 1.69% softer.
It came after Trump called out Toyota on Twitter on Thursday, threatening a large border tax if it chooses to build a new plant outside US borders.
The yen was stronger against the greenback, also hurting exporters, though it did weaken somewhat after the session closed and was last 0.59% softer per $1 at JPY 116.03.
On the mainland,the Shanghai Composite Index was down 0.35% at 3,154.28, while the Shenzhen Composite Index lost 0.87% to finish at 1,988.13.
The yuan remained strong against the greenback in offshore trade on Friday, relieving some of the pressure placed on renminbi by capital outflows.
It traded at CNY6.8278 offshore on Friday, compared to the controlled onshore yuan, which cost CNY 6.9272 per $1.
South Korea’s Kospi was up 0.35% at 2,049.12, while the Hang Seng Index in Hong Kong added 0.21% to settle at 22,503.01.
Electronics conglomerate Samsung told Seoul traders that it was expecting a 50% improvement in operating profit for the quarter through December.
Its stock climbed 1.8% as a result.
“At this stage, stock markets appear to be holding the line despite the correction of the post US election moves in the dollar and bond markets that is now well and truly under way,” noted CMC Markets chief market analyst Ric Spooner.
Oil prices were higher during Asian trading, with Brent crude last up 0.82% at $57.36 per barrel and West Texas Intermediate adding 0.76% to $54.17.
Australia’s S&P/ASX 200 was almost flat, adding 0.04% to 5,755.58.
Traders seemed underwhelmed by fresh data showing an unexpected trade surplus during November of AUD 1.243bn - the country’s first surplus in almost three years.
Exports leapt 8% month on month, according to the Australian Bureau of Statistics, while imports were unchanged.
New Zealand’s S&P/NZX 50 was down 0.07% to 6,970.65 as light summer holiday trading conditions continued.
The benchmark was led by local retail giant and financial services group The Warehouse, which was up 2.2%, while fuel supplier Z Energy was down 2%.
It was a mixed day for the down under dollars, with the Aussie marginally stronger, last moving 0.01% closer to the greenback at AUD 1.3625, while the Kiwi was last 0.03% weaker at NZD 1.4241 per $1.