Asia report: Markets mostly lower ahead of G7 meeting

Markets in Asia finished mixed on Friday, taking their cue from a red Thursday overnight on Wall Street as focus turned towards the G7 finance ministers meeting in Italy.

In Japan, the Nikkei 225 finished 0.39% lower at 19,883.90, as the yen strengthened against the greenback.

It was last ahead 0.07% at JPY 113.78 per $1.

On the mainland, the Shanghai Composite finished in the green, adding 0.71% to 3,083.36, while the smaller, technology-focussed Shenzhen Composite was 0.06% higher at 1,820.20.

South Korea’s Kospi was off 0.45% at 2,286.02, while the Hang Seng Index in Hong Kong added 0.12% to 25,156.34.

Retail stocks were higher in Seoul, as traders brushed off the poor results for the sector in the US on Thursday, with Lotte Shopping 2.34% higher.

Mobile gaming company Netmarble Games made its debut in Korea, opening above its IPO price after raising $2.3bn in what was the country’s second largest IPO ever.

It finished 1.82% lower, however.

Attention was turning towards the meeting of finance chiefs from the world’s seven largest economy over the weekend, at the G7 meeting, with trade currencies expected to be high on the minutes.

Oil prices rose for the third straight day, though they weakened as Europe took the trading baton, with Brent crude last down 0.06% at $50.74 and West Texas Intermediate losing 0.15% to $47.76 per barrel.

In Australia, the S&P/ASX 200 lost 0.7% to 5,836.90, with retailers in the sunburnt country taking their cue from their US counterparts, which were down overnight on disappointing results from heavyweights Macy’s and Kohl’s.

Department store Myer was off 3.57%, while electronics and furniture peddler Harvey Norman was off 2.68%.

New Zealand’s S&P/NZX 50 was 0.5% softer at 7,452.38, led lower by dairy products and baby food exporter A2 Milk, which lost 6.8% on what local analysts described as profit taking.

One of the benchmark’s largest companies, Fletcher Building, lost 2.9% after fresh data suggested the heat in the housing market might be cooling, particularly in the country’s largest city Auckland.

The down under dollars were mixed, with the Aussie last 0.06% stronger on the greenback at AUD 1.3544, while the Kiwi was 0.08% weaker at NZD 1.4610 per $1.