Asia report: Markets mostly lower on fresh US-China concerns
By Josh White
Date: Wednesday 20 Mar 2019
(Sharecast News) - Markets in Asia were mostly in negative territory as they closed on Wednesday, as investors struggled to make sense of the latest news from the ongoing trade tensions between the US and China.
In Japan, the Nikkei 225 was up 0.2% at 21,608.92, as the yen weakened 0.03% against the dollar to last trade at JPY 111.42.
The broader Topix index was 0.26% above the waterline in Tokyo, finishing the day at 1,614.39.
Uniqlo owner Fast Retailing was one of the day's winners, as its shares grew by 0.69%, while video games giants Nintendo and Sony were both down by 3.21% and 3.38% respectively.
Investors appeared concerned that the Google product 'Stadia', an advanced video games streaming platform, could eat into the market share of the Japanese market leaders.
On the mainland, the Shanghai Composite slipped 0.01% to 3,090.64, and the smaller, technology-heavy Shenzhen Composite was off 0.25% at 1,684.57.
South Korea's Kospi was off 0.02% at 2,177.10, while the Hang Seng Index in Hong Kong dropped 0.49% to close at 29,320.97.
Shares in Chinese technology manufacturer Xiaomi were down 4.59% in Hong Kong, even after the company beat market expectations on earnings for the fourth quarter.
The blue-chip technology stocks were in the green in Seoul, with Samsung Electronics up 0.34% and SK Hynix ahead 3.68%.
Sentiment was negative at the start of the Asian trading day, after a report from Bloomberg overnight suggested that there was concern in Washington as Chinese officials appeared to be pushing back against US demands.
According to the report, Chinese negotiators were also concerned themselves over the fact they had not received a guarantee that US punitive tariffs on Chinese would be lifted once a trade agreement is reached.
Oil prices were lower as the region went to bed, with Brent crude last down 0.04% at $67.58 per barrel, and West Texas Intermediate falling 0.36% to $59.08.
In Australia, the S&P/ASX 200 lost 0.32% to 6,165.30, while across the Tasman Sea, New Zealand's S&P/NZX 50 fell 0.7% to finish the day at 9,435.70.
Dairy producer Synlait Milk led the Wellington benchmark lower, plunging 14% after it reported a 9.7% fall in first-half profits.
The down under dollars were a mixed picture against the greenback, with the Aussie last 0.12% stronger at AUD 1.4091, and the Kiwi weakening 0.03% to NZD 1.4593.
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