Asia report: Most markets lower as Trump fears escalate

Most markets in Asia finished lower on Wednesday, following on from Wall Street’s red finish on Tuesday as concerns ahead of the US presidential election heightened.

Japan’s Nikkei 225 lost 1.76% to 17,134.68, with a relatively stronger yen dragging the index.

The yen was last 0.7% stronger against the greenback at JPY 103.42 per $1.

Energy major Inpex was off 1.63% on the back of lower oil prices.

On the mainland, the Shanghai Composite was down 0.62% at 3,102.97, while the Shenzhen Composite fell 0.63% to 2,060.05.

Energy players Shanghai Pechem and Petrochina were both down, by 1.52% and 0.82% respectively.

South Korea’s Kospi was off 1.42% at 1,978.94, while the Hang Seng Index in Hong Kong lost 1.45% to 22,810.50.

Standard Chartered stock was down 6.45% in Hong Kong, after it posted a 6% fall in income compared to the prior year on Tuesday.

The emerging markets-focused bank also warned of the potential for regulatory and compliance issues, saying Hong Kong authorities could take action over its role as a joint sponsor of a 2009 IPO currently under investigation.

Seoul-listed energy firm S-Oil went against the regional trend for oil players, adding 1.23% during the session.

“Markets have been rankled by some polls putting Trump ahead of Clinton for the first time, given Trump's controversial policy platform of re-looking at trade deals and clamping down on immigration,” noted Mizuho Bank foreign exchange strategist Chang Wei Liang on the US concerns.

Stateside, the Federal Reserve was due to finish a two-day meeting later on Wednesday, with markets pricing the likelihood of a rate hike as very low this month, but relatively likely in December.

Oil prices were lower during Asian trading, with Brent crude last down 1.52% at $42.72 and West Texas Intermediate losing 1.68% to $45.90 per barrel.

The price was affected by fresh data from the American Petroleum Institute, which showed inventory rising 9.3 million barrels in the week to 28 October.

That was well off a Reuters-polled estimate for a rise of one million barrels, with traders now looking towards the official data from the Energy Information Administration, due later on Wednesday.

In Australia, the S&P/ASX 200 finished down 1.16% at 5,229, with its weighty financials subindex dragging the benchmark as it fell 1.43%, and the energy sector losing 1.81%.

On the energy front, Oil Search fell 1.35%, Santos lost 4.27% and Woodside Petroleum was off 1.07%.

CSR leapt 8.61%, going against the grain, after reporting an 8% rise in half-year revenue to AUD 1.24bn and a 12% improvement in half-year post tax profit to AUD 1.3.1m.

The building supplies firm’s stock was up more than 30% in the year to date.

Airline Virgin Australia was down 4.17%, after the carrier posted an underlying loss before tax of AUD 3.6m.

In New Zealand, the S&P/NZX 50 lost 1.1% to 6,853.74, led lower by wind farm operator Tilt Renewables, which lost 4.6%.

The firm was recently spun off from electricity generator and utilities retailer TrustPower.

It was a mixed picture for the down under dollars, with the Kiwi last 1.12% stronger against the greenback at NZD 1.3765, but the Aussie marginally weaker, retreating 0.01% to AUD 1.3069 per $1.