Asia report: Most markets higher despite continued Beijing-Washington tension

In Japan, the Nikkei 225 was ahead 1.41% at 23,420.54, as the yen weakened 0.21% against the dollar to last trade at JPY 112.09.

The broader Topix index in Tokyo performed even better, adding 1.81% by the end of the trading day to finish at 1,759.88.

On the mainland, the Shanghai Composite was up 1.82% at 2,699.95, and the smaller, technology-heavy Shenzhen Composite improved 1.98% to 1,404.15.

South Korea’s Kospi was 0.26% firmer at 2,308.98, while the Hang Seng Index in Hong Kong rose 0.56% to 27,084.66.

The blue-chip stocks were mixed across the sectors in Seoul, with exporters Hyundai Motor rising 0.39% and Samsung Electronics adding 0.78%.

Korea Electric Power, on the other hand, sank 1.01%.

Geopolitics was high on the agenda for South Korean traders, as the country’s president Moon Jae-in set off for Pyongyang for a summit with North Korean leader Kim Jong-un.

The stated intention of the talks is to mediate the stalemate between the Washington and Pyongyang, with progress on denuclearisation agreed between the US and North Korea currently stalled.

The ongoing trade battle between the US and China was making headlines again, with confirmation that the Trump administration is going to impose a 10% tariff on a list of $200bn worth of Chinese imports.

Those duties would rise to 25% at the end of the year, according to the plans.

The White House did cull the list of products, removing around 300 goods including chemicals, smart watches and bike helmets.

Beijing previously warned it would retaliate should the US introduce another round of punitive tariffs, and earlier in the month threatened to pull out of bilateral talks should Trump press ahead with this latest series of charges.

The People’s Republic has also asked the World Trade Organisation for permission to impose sanctions on the US.

Oil prices were higher, with Brent crude last up 1.19% at $78.99 per barrel, and West Texas Intermediate adding 1.26% to $69.79.

In Australia, the S&P/ASX 200 went against the regional trend, slipping 0.38% to 6,161.50.

The financials subindex in Sydney was broadly flat, though AMP saw losses of 1.56%.

Traders in the sunburnt country spent much of the day sifting through the minutes of the Reserve Bank of Australia’s September meeting, with the main theme being that international political tensions were introducing a “material risk to the outlook”.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.4% higher at 9,315.77, led higher by ex-incumbent telecoms operator Spark, which was ahead 1.9%.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.32% at AUD 1.3886, and the Kiwi advancing 0.23% to NZD 1.5166.