Asia report: Markets mixed as Covid cases, US stimulus talks weigh
Markets in Asia finished mostly weaker on Tuesday, as a worsening Covid-19 situation, Brexit negotiations between the UK and the EU, and ongoing talk of stimulus in the US weighed on sentiment.
In Japan, the Nikkei 225 was down 0.3% at 26,467.08, as the yen strengthened 0.03% against the dollar to last trade at JPY 104.02.
Uniqlo owner Fast Retailing was up 0.15%, while among the benchmark’s other major components, robotics specialist Fanuc was down 2.2% and technology giant SoftBank Group slipped 0.41%.
The broader Topix index ended the session 0.11% weaker in Tokyo, at 1,758.81.
On the mainland, the Shanghai Composite lost 0.19% to 3,410.18, and the smaller, technology-centric Shenzhen Composite slipped 0.04% to 2,293.98.
South Korea’s Kospi slid 1.62% to 2,700.93, while the Hang Seng Index in Hong Kong was off 0.76% at 26,304.56.
JD Health, the healthcare unit of ecommerce behemoth JD.com, made its debut in the special administrative region, with its shares rising 56% from their offer price of HKD 70.58 by the close.
Both of the blue-chip technology stocks were weaker in Seoul, with Samsung Electronics down 1.65% and SK Hynix off 2.54%.
The coronavirus situation continued to worsen in Korea, with the country reporting 594 new infections on Tuesday, including 566 cases caught within the country.
According to Yonhap, local health officials have warned that daily cases could reach 1,000 in the next week based on current growth.
“Markets in Asia have seen a fairly subdued session, as investors sit on the sidelines awaiting the next move in the latest round of US stimulus talks, an ever-increasing rise in US coronavirus cases, and the latest progress in EU-UK trade talks,” said CMC Markets chief market analyst Michael Hewson.
Oil prices remained under pressure as the region went to bed, with Brent crude last down 0.31% at $48.64 per barrel, and West Texas Intermediate 0.35% weaker at $45.60.
In Australia, the S&P/ASX 200 managed gains of 0.19% to 6,687.70, as oil plays kept a lid on the cheer in Sydney as the price of the thick black stuff fell.
Oil Search was down 1.57%, Santos lost 1.98% and Woodside Petroleum was 0.17% weaker by the end of trading.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.5% firmer at 12,719.59, with energy generator-retailers helping to keep Wellington’s bourse above the waterline.
Mercury NZ was up 3.86%, and Meridian Energy was 3.86% higher by the end of the day.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.14% at AUD 1.3460, and the Kiwi advancing 0.04% to NZD 1.4196.