Asia report: Markets mixed as RBA stands pat

Japan’s Nikkei 225 added 0.26% to finish at 17,081.98, as the yen still clung to the 103 level against the greenback.

It was last 0.08% stronger at JPY 103.35 per $1.

Messaging service Line saw its shares rise 1.12%, after the app launched a cut-price cellular service domestically on Monday, offering a basic data plan for JPY 500 per month.

Markets on the mainland were higher, with the Shanghai Composite finishing 0.63% higher at 3,091.45, and the Shenzhen Composite adding 1.49% to 2,048.19.

In Korea, the Kospi was up 0.31% to 2,066.53, while Hong Kong’s Hang Seng Index was up 0.58% at 23,787.68 by end of play.

In Seoul, the South Korean government decided to provide the drowning Hanjin Shipping with up to KRW 100bn of long-term, low-interest funding.

The shipping line also announced it will raise KRW 100bn on its own to fund the unloading of cargo from ships currently in limbo, with 40% of that coming from the chairman’s private coffers.

Shares in Hanjin rocketed 29.91% on the Korean markets on Tuesday.

Outside the region, US markets were closed for the Labor Day public holiday on Monday.

“With US markets closed yesterday, trade was primarily driven by Europe and the post-Brexit U.K. economic data,” said IG market analyst Angus Nicholson.

“[These have] consistently beat market consensus expectations as many different data sets seem to be recovering after the initial shock directly after the Brexit vote.”

Oil prices were down as Asian traders went to bed, with Brent crude off 0.74% at $47.28 per barrel and West Texas Intermediate losing 0.36% at $45.03.

It came after Russia and Saudi Arabia confirmed they have agreed to cooperate in stabilising the oil market and limiting output, though analysts were wary of how effective such cooperation would actually be.

In Australia, the S&P/ASX 200 lost 0.29% to finish at 5,413.60, dragged down by the weighty financials subindex.

The energy and materials sectors bucked the general sentiment, however, adding 0.14% and 0.3% respectively.

In its statement, the Reserve Bank of Australia pointed to continuing growth, low inflation and mixed data from the employment market as contributing to their decision to hold interest rates.

Also mentioned were the lengthy periods of depressed commodity prices hurting Australia’s primary industries, and keeping its terms of trade lower than they have been in the last few years.

New Zealand shares reached a fresh record, with the S&P/NZX 50 rising 0.2% to 7,503.53.

Sentiment was buoyed late on Monday as global resins firm Nuplex saw its shares cease trading as part of its takeover by Belgian chemicals giant Allnex.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.75% at AUD 1.3089 and the Kiwi strengthening 0.43% to NZD 1.3630 per $1.