Asia report: Markets mixed, Australia beat expectations on jobs data

Markets in Asia finished mixed on Thursday, as investors continued to weigh the latest developments in the ongoing Covid-19 coronavirus pandemic, although fresh employment data in Australia did come in ahead of expectations.

In Japan, the Nikkei 225 was down 1.33% at 19,290.20, as the yen weakened 0.08% against the dollar to last trade at JPY 107.55.

Of the major components on the benchmark index, automation specialist Fanuc was down 2.68% and fashion firm Fast Retailing was off 1.16%, while technology giant SoftBank Group added 2.24%.

The broader Topix index also ended the session in the red, closing down 0.82% at 1,422.24.

On the mainland, the Shanghai Composite managed gains of 0.31% to 2,819.94, and the smaller, technology-heavy Shenzhen Composite was 0.48% firmer at 1,744.39.

South Korea’s Kospi was broadly flat, losing just 0.0005% to 1,857.07, while the Hang Seng Index in Hong Kong was 0.58% weaker at 24,006.45.

The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics flat, and chipmaker SK Hynix down 1.22%.

Oil prices were higher at the end of the Asian day, with Brent crude last up 2.81% at $28.49 per barrel, and West Texas Intermediate rising 1.83% to $20.24.

In Australia, the S&P/ASX 200 slid 0.92% to 5,416.30, with the hefty financials index into the red as major banks declined.

Australia and New Zealand Banking Group was down 1.6%, Commonwealth Bank of Australia lost 1.3%, National Australia Bank was off 2.16%, and Westpac Banking Corporation fell 2.27%.

In fresh economic news out of Canberra, the country’s unemployment rate came in at a seasonally-adjusted 5.2% for March, which was better than the 5.5% anticipated by economists polled by Reuters.

The Australian Bureau of Statistics was still cautious, however, telling markets that the data for March only covered the first fortnight of the month, which was before states began enacting lockdown measures in a bid to contain the spread of coronavirus.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.61% at 10,473.19, led higher by majority state-owned flag carrier Air New Zealand, which was 11.4% higher, even as its network remained massively hampered by severe lockdown measures.

Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.14% at AUD 1.5848, and the Kiwi retreating 0.3% to NZD 1.6725.