Asia report: Most markets green as airlines fly higher
Most markets in Asia were mostly higher on Tuesday, as traders began to look past uncertainty in the US administration and Australian shares leapt more than 1%.
AUD/USD
$0.6520
22:47 25/04/24
GBP/NZD
NZD2.1030
22:47 25/04/24
Hang Seng
17,284.54
10:21 25/04/24
Nikkei 225
37,628.48
09:43 25/04/24
USD/JPY
¥155.6480
22:48 25/04/24
Japan’s Nikkei 225 was 1.14% higher at 19,202.87, mostly recovering from a red Monday.
Lenovo Group and Fujitsu said they were postponing their target date to make a deal to join their computer businesses to sometime later in the first half.
Fujitsu was up 3.43% on the Tokyo bourse.
The yen was last 0.02% weaker against the greenback, at JPY 110.68 per $1.
On the mainland, the Shanghai Composite was down 0.43% at 3,252.99 while the Shenzhen Composite finished off 0.25% at 2,034.21.
Shares in China Southern Airlines flew 0.76% higher after it emerged the Guangzhou-based carrier was raising HKD 1.55bn through the sale of H-shares to American Airlines.
The proceeds would be used for general working capital, the airline said.
South Korea’s Kospi was 0.35% firmer at 2,163.31, while the Hong Kong Hang Seng Index was up 0.63% at 24,345.87.
In Seoul, fresh official revisions to the country’s fourth quarter gross domestic product saw it reach 2.4% growth year-on-year, from the 2.3% anticipated.
Full year GDP growth was 2.8%, in line with 2015.
Hong Kong-listed shares in Lenovo were 3.28% higher after the earlier announced delay in its PC tie-up with Fujitsu.
After expressing concern over the Trump administration’s inability to push through healthcare law reform in the US on Monday, Asian markets seemed to have forgotten all about it on Tuesday.
“This is a Teflon market where literally nothing sticks,” quipped IG chief market strategist Chris Weston.
Oil prices continued their downward trajectory during Asian hours, though they began a recovery as Europe took the trading baton, with Brent crude last up 0.7% at $51.11 and West Texas Intermediate adding 0.81% to $48.12.
Australia’s S&P/ASX 200 was 1.3% higher at 5,821.23, with the energy subindex ahead 1.45% and the materials sector 1.06% stronger.
Retailer Myer lost 5.16% after a strong double-digit rally on Monday, as speculation mounted that a takeover of some sort was on the horizon.
Nothing had been announced as yet.
New Zealand’s S&P/NZX 50 edged up 0.04% to 7,065.22, with Air New Zealand flying higher by 3.1%.
The flag carrier had reported a 2% rise in revenue passenger kilometres year-on-year for February, while capacity rose 5.3% at the same time.
Both of the down under dollars were weaker against the greenback, with the Aussie slipping 0.14% to AUD 1.3145 and the Kiwi weakening 0.35% to NZD 1.4246 to the $1.