Asia report: Markets mostly weaker as trade concerns remain
Most markets in Asia finished in the red on Tuesday, with a some major bourses returning from a long weekend, as traders there had their first chance of the week to react to the worsening trade relationship between Beijing and Washington.
AUD/USD
$0.6593
05:16 05/11/24
GBP/NZD
NZD2.1675
05:15 05/11/24
Hang Seng
20,823.36
09:20 04/11/24
Nikkei 225
38,499.64
08:44 01/11/24
USD/JPY
¥152.4520
05:16 05/11/24
In Japan, the Nikkei 225 went against the regional trend to finish 0.29% higher at 23,940.26, as the yen weakened 0.03% to JPY 112.83.
Technology stocks were among the leaders in Tokyo, with chipmaker Tokyo Electron adding 2.42% by end of play.
Rising oil prices also led to a decent day for those stocks, with Cosmo Energy rising 3.72% and Japan Petroleum Exploration 1.48% higher.
On the mainland, the Shanghai Composite was down 0.58% at 2,781.14, and the smaller, technology-heavy Shenzhen Composite lost 0.54% to 1,437.31.
South Korea’s markets, and those in Hong Kong, were closed for public holidays in their respective territories.
The ongoing trade war between the US and China was still at the top of traders’ agendas, after punitive tariffs on $200bn of Chinese goods went into effect in the land of the free on Monday, as did retaliatory tariffs on $60bn of American goods in the People’s Republic.
Officials in Beijing also released a white paper detailing their response to the Trump administration’s criticisms late on Monday.
In it, it said that “China does not want a trade war, but it is not afraid of one and will fight one if necessary”.
Oil prices continued to rise during Asian hours, with Brent crude last up 0.83% at $81.88 per barrel, and West Texas Intermediate rising 0.47% to $72.42.
In Australia, the S&P/ASX 200 slipped 0.02%, or a single point, to close at 6,185.90, led lower by the hefty financials subindex, which was off 0.67%.
Of the major banks, Commonwealth Bank of Australia was down 1.08%, and Westpac Banking Corporation lost 1.17%.
Oil plays were higher on the back of recently-improved crude prices, with Beach Energy surging 5.97% and Santos adding 2.81%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.1% at 9,345.96, led higher by ports operator Port of Tauranga, which was ahead 2.8%.
The down under dollars were a mixed bag, with the Aussie last 0.01% weaker on the greenback at AUD 1.3792, while the Kiwi strengthened 0.05% to NZD 1.5044.