Asia report: Most markets lower after Trump points threats at Seoul

Japan’s Nikkei 225 was off 0.29% at 19,196.74, as the yen moved 0.11% weaker against the greenback to JPY 111.38 per $1.

Fresh data released earlier in the session showed the country’s consumer price index was up 0.2% year-on-year in March, below consensus forecasts for a 0.3% improvement.

On the corporate front, video games giant Nintendo was 2.11% higher after the company announced expectations for a 121% improvement in operating profit for the new financial year.

The firm added that it was expecting to sell 10 million of its new ‘Switch’ console unit.

On the mainland, the Shanghai Composite lost 0.08% to settle at 3,154.57, while the smaller, technology-heavy Shenzhen Composite was down 0.36% at 1,906.92.

South Korea’s Kospi was off 0.18% at 2,205.44, after reports emerged that the US President had threatened to end a trade agreement with the country over payment for a new anti-missile system designed to deter a belligerent North Korea.

Trump also warned that conflict with North Korea was entirely possible, but he did say his preference was for a peaceful resolution to the regional tensions.

Government officials in Seoul told media that they had not received any formal requests from Washington over the trade agreement as yet.

A number of Korea’s larger companies were lower on the news, with E-mart losing 2.13%, Hyundai Motors down 2.04%, and Lotte Himart 2.83% softer.

In Hong Kong, the Hang Seng Index closed down 0.34% at 24,615.13.

Oil prices were slightly higher during Asian trading, with Brent crude last up 0.58% at $51.74 per barrel and West Texas Intermediate adding 0.87% to $49.37.

In Australia, the S&P/ASX 200 was down 0.04% at 5,924.06, while New Zealand’s S&P/NZX 50 bucked the regional trend to close up 0.3% at 7,378.58.

The down under dollars were painting a mixed picture, with the Aussie last 0.07% stronger against the greenback at AUD 1.3382 and the Kiwi weakening 0.04% to NZD 1.4551 per $1.