Asia report: Markets mixed after confusing session on Wall Street
By Josh White
Date: Tuesday 11 Dec 2018
(Sharecast News) - Markets in Asia finished on a mixed note on Tuesday, with many stocks struggling to find direction after a choppy session on Wall Street overnight.
In Japan, the Nikkei 225 was down 0.34% at 21,148.02, as the yen strengthened 0.16% against the dollar to last trade at JPY 113.15.
The broader Topix index was 0.91% lower at 1,575.31 in Tokyo.
Technology conglomerate SoftBank staged a small recovery, rising 2.45% after confirmation that the float of its mobile operations would be priced at JPY 1,500 per share.
The company is expecting to raise around JPY 2.65trn from the exercise.
On the mainland, the Shanghai Composite managed gains of 0.37% to 2,594.09, and the smaller, technology-heavy Shenzhen Composite rose 0.5% to 1,343.90.
China's markets were in the green after a disappointing start to the week on Monday, which came after the country's most recent import and export data missed expectations by a wide mark over the weekend.
Traders were becoming increasingly hopeful that Beijing-led state stimulus would help to underpin the economy, though analysts were warning caution over such thinking.
"We believe the markets are putting too much hope on the speed, scale, scope and efficiency of Beijing's stimulus measures, and that they may be unprepared for a significantly worse slowdown in the second quarter," said Nomura.
"Like those who were overly bearish on China several years ago, we caution that those who are overly bullish may be proven similarly mistaken."
South Korea's Kospi slipped 0.04% to 2,052.97, while the Hang Seng Index in Hong Kong eked out gains of 0.07% to 25,771.67.
Contract biotechnology manufacturer Samsung Biologics rocketed 17.79% higher in Seoul, after it was permitted back to trading following a suspension in November.
The suspension was handed down after concerns were raised that the company had deliberately broken accounting rules in the lead-up to its 2016 float.
Technology shares were also in the green there, with LG Electronics up 2.14%.
Asian markets awoke to a positive finish on Wall Street overnight, after a particularly turbulent session in which the Dow Jones Industrial Average reversed a 507-point fall during the session.
Sentiment also took a hit from political turmoil in Europe, after UK prime minister Theresa May delayed a vote on her Brexit deal in the House of Commons after it became clear it was impossible to pass.
May, who claimed there was still broad support for the much-maligned deal, said she would return to Brussels to seek reassurances from European lawmakers on the issue of the Northern Ireland border with the Republic.
Oil prices were higher, with Brent crude last up 0.76% at $60.42 per barrel, and West Texas Intermediate adding 1.09% to $51.56.
In Australia, the S&P/ASX 200 was 0.42% higher at 5,575.90, with the big four banks once again helping to lift the hefty financials subindex higher.
Australia and New Zealand Banking Group was up 0.53%, Commonwealth Bank of Australia added 0.23%, National Australia Bank rose 0.43%, and Westpac Banking Corporation was 0.8% firmer.
Across the Tasman Sea, New Zealand's S&P/NZX 50 was ahead 0.1% at 8,670.94, led higher by energy companies Contact and Meridian.
Contact was up 3%, and Meridian rose 2.2% in Wellington trading.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.42% at AUD 1.3852, and the Kiwi advancing 0.16% to NZD 1.4529.
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