Asia report: Australasian markets mixed as most of region remains closed

In Australia, the S&P/ASX 200 added 0.8% to close at 6,375.90, with the hefty financials subindex underpinning the benchmark as it rose 1.4%.

Of the ‘big four’ banks in the sunburnt country, Australia and New Zealand Banking Group was ahead 2.76%, Commonwealth Bank of Australia added 1.32%, National Australia Bank rose 1.7%, and Westpac Banking Corporation advanced 2.29%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 fell 0.5% to 9,966.42, led lower by casino operator SkyCity Entertainment, which was off 4.9%.

The company had earlier lowered its annual guidance, after reporting that trading had recently been weaker than anticipated.

Markets in Japan were closed for the extended holiday surrounding the ascension of the country’s new emperor to the throne, while those in mainland China, Hong Kong and South Korea were off for Labour Day.

The moves down under came after a mixed performance on Wall Street overnight, with the S&P 500 reaching a new record and the Dow Jones Industrial Average also rising, while big technology stocks dragged on the Nasdaq Composite.

Earnings season was continuing in full swing stateside, with more than half of companies on the S&P 500 now having reported by the closing bell in New York on Tuesday.

Investors were also keeping an eye out for fresh developments on the US-China trade front, after comments from White House chief of staff Mick Mulvaney on Tuesday that trade talks with China would be resolved within a fortnight.

Following that, US Treasury secretary Steven Mnuchin told media that he had a “nice” working dinner with China’s vice-premier Liu He in Beijing, adding fuel to sentiment that an agreement was inching closer.

Oil prices were lower as the region went to bed, with Brent crude last down 0.31% at $71.84 per barrel, and West Texas Intermediate off 0.68% at $63.48.

On the currency front, the yen was last 0.08% stronger against the dollar at JPY 111.33.

Further south, the Aussie was 0.12% stronger on the greenback at AUD 1.4170, while the Kiwi weakened 0.23% to last trade at NZD 1.5014.