Asia report: Markets mixed as Moon wins Korean presidency

In Japan, the Nikkei 225 was 0.29% higher at 19,900.09, as the yen strengthened against the greenback.

It was last ahead 0.15% to JPY 113.81 per $1.

Carmaker Toyota released operating profit estimates, saying it expected those earnings to decline 20% in the current year.

Its shares were already down 0.88% at the close, before the figures were released.

Softbank also reported earnings after Tokyo closed, saying they rose 13% year-on-year.

It shares had finished the day up 1.43%.

On the mainland, the Shanghai Composite was 0.93% lower at 3,051.75, while the Shenzhen Composite lost 1.36% to 1,822.56.

China’s CPI data for April saw prices rise 1.2% year-on-year in the month - higher than the 1.1% forecast in a Reuters poll.

The country’s PPI was 6.4% higher, not quite reaching the 6.9% growth forecast.

South Korea’s Kospi was 0.99% lower at 2,270.12, and Hong Kong’s Hang Seng Index added 0.51% to 25,015.42.

Official election results from Seoul showed Democratic candidate Moon won 41.1% of the vote, and would take the office of the president after the impeachment and ousting of Park Geun-hye amid a cash-for-influence corruption scandal.

Stateside, politics were top of the agenda as well, after FBI director James Comey was fire by US President Donald Trump in a surprise move during the Asian session.

Oil prices were higher during Asian trading, with Brent crude last up 1.04% at $49.24, and West Texas Intermediate adding 1.12% to $46.40.

Australia’s S&P/ASX 200 added 0.61% to close at 5,785.44, with investors left digesting the federal budget, released after Sydney closed on Tuesday.

In its budget, the Commonwealth government confirmed it would raise taxes on banks, in a bid to meet a forecast AUD 7.4bn surplus by the 2021 financial year.

The major regional banks were mainly lower, with Commonwealth Bank of Australia down 0.35%, National Australia Bank off 0.68% and Westpac 0.7% softer.

In New Zealand, the S&P/NZX 50 was up 0.2% at 7,424.20, led higher by Heartland Bank, which was up 3.4%.

The locally-owned lender had recently outperformed its ‘big four’ Australasian rivals as it chased riskier, more profitable lending instead of the more traditional mortgage market.

Both of the down under dollars were stronger, with the Aussie last 0.45% ahead on the greenback at AUD 1.3554 and the Kiwi advancing 0.56% to NZD 1.4422 per $1.