Asia report: Markets mixed, Subaru admits compromised safety inspections

Markets in Asia finished mixed on Wednesday, after a subdued performance in the US overnight with oil prices moving higher.

In Japan, the Nikkei 225 added 0.1% to 22,891.72, as the yen weakened 0.23% against the dollar to last trade at JPY 113.15.

Technology shares were mixed in Tokyo, with Japan Display rising 3.08% after reports it was in discussions to receive a JPY 200bn boost from three Chinese firms, while Nintendo lost 1.26%.

Carmaker Subaru fell 7.06% after it confirmed uncertified inspectors conducted inspections of its vehicles.

The company said it would institute new measures to restore the public’s trust in the firm.

On the mainland, the Shanghai Composite lost 0.27% to 3,287.61, and the smaller, technology-heavy Shenzhen Composite fell 0.74% to 1,891.52.

South Korea’s Kospi was off 0.25% at 2,472.37, while the Hang Seng Index in Hong Kong was down 0.07% at 29,234.09.

Manufacturing plays were firmer in Seoul, but that was offset by losses in other blue-chip stocks.

Posco was up 1.99%, while Hyundai Motor fell 0.33% and Samsung Electronics lost 1.32%.

Retailers were also lower on the peninsula, after local media reports that China had banned its tour groups from receiving visas for South Korea once more.

Cosmetics peddler Amorepacific was off 2.86% and Lotte Shopping finished down 1.78%.

Oil prices turned mixed during late Asian hours, with Brent crude last down 0.02% at $63.79 per barrel and West Texas Intermediate rising 0.35% to $57.76.

In Australia, the S&P/ASX 200 eked out gains of 0.06% to 6,075.60, led higher by the resources sector, with most mining companies extending their gains while the telecommunications and utilities subindexes fell.

Atlas Iron was up 10% while Rio Tinto added 0.88%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was off 0.2% at 8,383.56, led lower by infant food and dairy products exporter A2 Milk, which was off 2.6%.

Its competitor Synlait Milk was the best performer, rising 4.8% after it confirmed it would enter the domestic fresh milk market through a partnership with the South Island division of supermarket giant Foodstuffs.

The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.13% at AUD 1.3033 and the Kiwi advancing 0.06% to NZD 1.4336.