Asia report: Markets mostly higher on positive economic data
Markets in Asia were mainly in the green on Wednesday, as indices followed the lead of a strong Wall Street overnight after fresh signs of confidence in the United States.
AUD/USD
$0.6498
12:58 24/04/24
GBP/NZD
NZD2.0962
12:57 24/04/24
Hang Seng
17,201.27
10:21 24/04/24
Nikkei 225
38,460.08
09:44 24/04/24
USD/JPY
¥154.9350
12:58 24/04/24
In Japan, the Nikkei 225 was up 0.28% at 20,881.27, as the yen strengthened 0.16% against the dollar to last trade at JPY 112.27.
On the economic front, core machinery order figures released late on Tuesday showed a 3.4% improvement month-on-month in August - well ahead of the 1.1% increase forecast in a Reuters poll.
Carmakers were under pressure in Tokyo, with Mazda Motor down 1.99% and Toyota off 0.97%, while blue chip technology stocks were ahead, as Softbank Group closed up 0.39%.
Kobe Steel plunged 17.79% on Wednesday, after its admission earlier in the week that company testers had falsified results showing certain products met certain requirements, when they did not.
Hello Kitty intellectual property owner Sanrio was down 9.73% after it revised it expectations for the full-year to March 2018.
On the mainland, the Shanghai Composite was ahead 0.18% at 3,389.05, and the smaller, technology-centric Shenzhen Composite lost 0.18% to 2,026.47.
Renminbi was once again in focus, after the People’s Bank set the onshore yuan’s loose peg to its highest level in three weeks against the dollar, at CNY 6.5841.
The People’s Bank of China allows the onshore yuan to trade 2% above or below its loose peg, while the offshore yuan floats freely.
Hong Kong’s Hang Seng Index sank 0.36% to 28,389.57, while the Kospi in South Korea was up 1% at 2,458.16.
Technology stocks made many of the gains in Seoul, with Samsung Electronics up 3.48% and SK Hynix ahead 0.45%.
Shares in Great Wall Motor were significantly higher in Hong Kong for much of the session, after unconfirmed local reports that the carmaker was looking to enter a joint venture with BMW.
Oil prices were slightly higher during Asian trading, with Brent crude lat up 0.35% at $56.81 per barrel and West Texas Intermediate ahead 0.78% to $51.32.
In Australia, the S&P/ASX 200 added 0.59% to settle at 5,772.15, led higher by the information technology sector which added 1.85%, while the energy and weighty financials subindicies were also ahead.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.3% to 8,060.98, led higher by exporting dairy firms Synlait and A2 Milk - superstars on the Wellington benchmark lately.
Synlait stock was up 3.8% and A2 Milk was ahead 3.1%.
Both companies have enjoyed a buoyant fortnight, after their brands and formulations were approved by China’s recently-stringent food import regulations.
The down under dollars were mixed against the greenback, with the Aussie last 0.13% stronger at AUD 1.2840and the Kiwi retreating 0.08% to NZD 1.4155.