Asia report: Markets mixed after big losses on Monday
Stocks closed in a mixed state in Asia on Tuesday, following some serious losses on Monday after US Fed chair Jerome Powell sounded a hawkish tone at the Jackson Hole symposium last week.
In Japan, the Nikkei 225 was up 1.14% at 28,195.58, as the yen strengthened 0.26% on the dollar to last trade at JPY 138.36.
Uniqlo owner Fast Retailing was down 1.77%, while robotics specialist Fanuc was up 1.36% and tech investing giant SoftBank Group added 1.67%.
The broader Topix index was 1.25% firmer by the end of trading in Tokyo,, settling at 1,968.38.
Fresh data out of Tokyo showed Japan’s unemployment rate remaining at 2.6% in July - in line with forecasts, and making for the third month of no change in a row.
On the mainland, the Shanghai Composite slipped 0.42% to 3,227.22, and the technology-centric Shenzhen Component was 0.39% weaker at 11,970.79.
South Korea’s Kospi added 0.99% to 2,450.93, while the Hang Seng Index in Hong Kong lost 0.37% to 19,949.03.
The blue-chip technology stocks were marginally higher in Seoul, with Samsung Electronics eking out gains of 0.34%, and SK Hynix rising 0.76%.
“Asian markets were mixed, with China’s current economic travails continuing to dominate sentiment in the region,” said Interactive Investor head of markets, Richard Hunter.
“The weakening demand led to another fall for ‘Doctor’ Copper, so-called due to the supposed ability of the commodity’s price to reflect the health of the global economy, given its widespread use in so many manufacturing processes.
“In contrast, the possibility of some output cuts from OPEC+ and the ongoing conflict between Ukraine and Russia and within Libya boosted an oil price which is now ahead by 34% so far this year.”
Oil prices were in the red as the region went to bed, having climbed earlier in the session, with Brent crude futures down 2.49% on ICE at $102.47 per barrel, and the NYMEX quote for West Texas Intermediate falling 1.77% to $95.29.
In Australia, the S&P/ASX 200 gained 0.47% to 6,998.30, while across the Tasman Sea, New Zealand’s S&P/NZX 50 jumped 1.23% to 11,648.65.
The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.64% at AUD 1.4393, and the Kiwi advancing 0.47% to NZD 1.6174.
Reporting by Josh White at Sharecast.com.