Asia report: Markets mostly higher on quiet Monday

Markets in Asia finished higher on Monday, at the start of a quiet week for the region with a number of stock exchanges set to close for holidays.

In Japan, the Nikkei 225 was up 0.22% at 20,400.78, as the yen weakened 0.26% against the dollar to last trade at JPY 112.80.

Before markets opened, the Bank of Japan released the latest Tankan survey results, showing business confidence rose to +22 in the quarter to September, compared to +17 in the three months to June.

The outlook wasn’t quite as rosy, however, with the measure expected to fall to +19 in the next quarter.

On the corporate front, Nissan was down 2.69% after it reported on Friday that it could not sell some of its new vehicle models, as some aspects of the final inspection process were carried out by unqualified technicians.

On the mainland, Chinese markets were closed for the mid-Autumn festival and national day, while South Korean markets were closed for what the government called a “temporary holiday”.

Hong Kong markets were also closed, as were those in India.

Oil prices were lower during Asian trading, with Brent crude down 1.34% at $56.04 and West Texas Intermediate losing 1.53% to $50.89.

In Australia, the S&P/ASX 200 closed 0.84% higher at 5,729.33, with the major banks leading the hefty financials subindex higher.

Australia and New Zealand Banking Group was up 1.01%, Commonwealth Bank of Australia added 1.45%, National Australia Bank advanced 0.73% and Westpac Banking Corporation was 1.07% firmer.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was down, losing 0.02% to 7,928.89, led lower by Metro Glass which lost 2% to a record low.

Both of the down under dollars were weaker against the greenback, with the Aussie off 0.23% at AUD 1.2794 and the Kiwi retreating 0.25% to NZD 1.3901.