Asia report: Stocks mixed as RBA makes fifth rate hike
Stock markets in Asia were mixed at the close on Tuesday, with China’s bourses in the green, while Australia’s weakened after the central bank there added half a point to interest rates.
In Japan, the Nikkei 225 was up 0.02% at 27,626.51, as the yen weakened 0.82% against the dollar to last trade at JPY 141.75.
Robotics specialist Fanuc was up 0.71% and Uniqlo owner Fast Retailing added 0.46%, while tech investing giant SoftBank Group lost 0.33%.
The broader Topix index was down 0.11% by the end of trading in Tokyo, settling at 1,926.58.
On the mainland, the Shanghai Composite added 1.36% to 3,243.45, and the technology-centric Shenzhen Component was 1.04% firmer at 11,799.81.
The moves higher in China came after central bank and ministerial officials held a press conference, pledging more economic support for an economy ravaged by continuing Covid-19 lockdowns and restrictions.
Late on Monday, the People’s Bank of China cut its foreign currency reserve requirements for the second time this year.
The foreign exchange reserve ratio requirement was slashed to 6% starting from 15 September, from its current 8%.
South Korea’s Kospi was ahead 0.26% at 2,410.02, while the Hang Seng Index in Hong Kong slipped 0.12% to 19,202.73.
The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics flat, while SK Hynix added 0.77%.
Oil prices were on the back foot as the region went to bed, with Brent crude futures last down 3.11% on ICE at $92.74 per barrel, and the NYMEX quote for West Texas Intermediate losing 0.67% to $86.29.
In Australia, the S&P/ASX 200 lost 0.38% to 6,826.50, after the Reserve Bank added 50 basis points to its cash rate, taking it to 2.35%.
Analysts polled by Reuters had broadly expected such a move from the central bank - its fifth consecutive hike since it started raising interest rates in May.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was off 0.17% at 11,599.23, dragged down by medical equipment maker Fisher & Paykel Healthcare, which was off 2.3%.
The down under dollars were both weaker against the greenback, with the Aussie last down 0.24% at AUD 1.4749, and the Kiwi retreating 0.23% to NZD 1.6444.
Reporting by Josh White at Sharecast.com.