Asia report: Markets mixed as China trade data disappoints
Markets in Asia finished mixed on Tuesday, with the release of China trade data for July giving traders something to digest during the day.
AUD/USD
$0.6510
08:12 25/04/24
GBP/NZD
NZD2.0991
08:11 25/04/24
Hang Seng
17,212.07
10:21 24/04/24
Nikkei 225
37,639.59
09:44 24/04/24
USD/JPY
¥155.6440
08:12 25/04/24
In Japan, the Nikkei 225 fell 0.3% to 19,996.01, as the yen strengthened against the dollar, last advancing 0.36% to JPY 110.35.
On the earnings front on Tokyo, SoftBank was down 0.94%, coming off a surge in the previous session after it reported a 50% improvement in quarterly operating profits on Monday.
On the mainland, the Shanghai Composite was up 0.07% at 3,281.87, and the smaller, technology-heavy Shenzhen Composite added 0.37% to 1,879.16.
South Korea’s Kospi was down 0.17% at 2,394.73, while the Hang Seng Index in Hong Kong was ahead 0.59% to 27,854.91.
Shares in Seoul technology giant Samsung Electronics were up 0.29%, even as news emerged that its vice-chairman Jay Lee would face charges over his involvement in the cash-for-influence bribery scandal that toppled former president Park Geun-hye.
Prosecutors were seeking a 12-year prison term for Lee, with the court expected to rule on the case on 25 August.
Also in Seoul, the Korea Electric Power Corporation rose 1.14%, recovering somewhat from a 1.5% fall earlier in the day.
It came after the company announced an 80% fall in second quarter net profits on Monday.
It was a light day in the way of economic data, with traders turning their focus to China’s trade data for July, which showed dollar-denominated exports rose 7.2% and imports were ahead 11%.
The numbers missed Reuters-polled forecasts for a 10.9% improvement in exports and a 16.6% rise in dollar-denominated imports.
Oil prices were higher during Asian trading, with Brent crude last up 0.1% at $52.42 per barrel and West Texas Intermediate adding 0.3% to $49.54.
In Australia, the S&P/ASX 200 was down 0.52% at 5,743.80, led by weakness in the energy and industrials sectors, which were down 0.48% and 1.05% respectively, while the hefty financials subindex lost 0.41%.
The Commonwealth Bank scandal was at the top of the agenda in Sydney, after news that the bank would be cancelling the bonus of its CEO.
Last week, the bank was accused by regulators of allowing thousands of large transactions to go through without following anti-money laundering regulations.
Commonwealth Bank of Australia, whose shares closed down 1.07% on Tuesday, blamed a coding error in its software for the breaches on Monday.
Of the other regional banks, Australia and New Zealand Banking Group was down 0.37% in Sydney, and National Australia Bank finished flat.
New Zealand’s S&P/NZX 50 added 0.1% to finish at 7,782.72, led higher by Ebos Group, which finished 1.7% firmer.
Local online retail giant Trade Me plunged 6.1%, as concerns rose that Amazon would be entering the market imminently.
Trade Me’s stock had lost 12% since 25 July, when it was reported that Amazon had chosen Melbourne as its Australian operating base.
That lead to persistent rumours the US-based online retail leader was also eyeing up the shaky isles across the Tasman Sea - a market where international e-commerce sites, such as eBay, had previously failed to succeed in.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.31% at AUD 1.2599 and the Kiwi advancing 0.06% to NZD 1.3574.