Asia report: Most markets higher as Trump plays down China talks

Markets in Asia finished mostly higher on Friday, with investors once again keeping an eye on trade talks between the US and China, and brushing off a disappointing session on Wall Street overnight.

In Japan, the Nikkei 225 was ahead 0.4% at 22,930.36, as the yen weakened 0.19% to JPY 110.98.

Miners and oil plays led the risers on the broader Topix, with most carmakers and insurance firms also on the right side of the market.

On the data front on Tokyo, fresh core consumer price index data missed expectations, though that did little to dissuade investors.

On the mainland, the Shanghai Composite surged 1.23% to 3,193.05, and the smaller, technology-heavy Shenzhen Composite rose 0.33% to 1,828.79.

South Korea’s Kospi was up 0.5% at 2,460.65, while the Hang Seng Index in Hong Kong was 0.34% higher at 31,047.91.

Shipbuilders and steel producers were among the top performers in Seoul, while technology heavyweight Samsung Electronics held on to gains of 0.2%.

Samsung Group sibling Samsung Biologics was up 2.64%, after the news US biotech company Biogen was preparing to exercise its call option to up its stake in Samsung Bioepis.

Market watchers were keeping a keen eye on developments in the second round of trade talks between Beijing and Washington, with reports surfacing that China would end an anti-dumping investigation into US sorghum imports.

Chinese officials had reportedly proposed a plan to reduce its trade deficit with the US by $200bn, although the country’s foreign ministry later stated that was untrue.

US president Donald Trump said overnight that he doubted the likely success of the bilateral trade talks.

“[The] market took concerns over renewed trade tension and its potential disruption to the current equity rally seen over the last few days,” noted analysts at OCBC Bank earlier.

Oil prices were mixed, with Brent crude last up 0.5% at $79.70 per barrel, and West Texas Intermediate off 0.13% at $71.40.

In Australia, the S&P/ASX 200 went against the regional trend, slipping 0.11% to 6,087.40.

Solid gains were seen in the energy and healthcare sectors, but those were offset by losses for the hefty financials and materials subindices.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.6% at 8,657.33.

Among the top risers in Wellington was Goodman Property Trust, whose joint venture subsidiary accepted an unsolicited offer from Blackstone for seven commercial properties in downtown Auckland - the country’s largest city - for NZD 635m.

Goodman’s shares were ahead 2.2%.

It was a mixed day for the down under dollars, with the Aussie last 0.27% weaker at AUD 1.3348 against the greenback, while the Kiwi strengthened 0.335 to NZD 1.4493.