Asia report: Markets mixed as trade tensions between US and China continue
By Josh White
Date: Wednesday 22 May 2019
(Sharecast News) - Markets in Asia finished in a mixed state on Wednesday, as trade tensions between the US and China remained taut, even after Washington granted Huawei a temporary reprieve from potentially crippling trade restrictions.
In Japan, the Nikkei 225 was up 0.05% at 21,283.37, as the yen strengthened 0.06% against the dollar to last trade at JPY 110.43.
Of the major components on the Tokyo benchmark, automation specialist Fanuc was down 0.4% and technology conglomerate SoftBank Group lost 0.47%, while fashion firm Fast Retailing rose 0.95%.
The broader Topix index was down 0.26% to close its session at 1,546.21.
On the mainland, the Shanghai Composite was down 0.49% at 2,891.70, and the smaller, technology-heavy Shenzhen Composite slipped 0.51% to 1,540.85.
Surveillance technology producer Hikvision saw its shares fall 5.54% in Shenzhen, amid reports that US officials were considering restrictions on its ability to buy technology from American companies.
That development came just a day after the US Department of Commerce temporarily lifted restrictions on telecoms giant Huawei Technologies, allowing it to buy American technology to maintain existing network infrastructure and keep current consumer handsets up to date until 19 August.
But that did not mean there was any easing in tensions between the two economic superpowers, with Chinese president Xi Jinping suggesting that the trade war was not looking likely to end in the short-term.
Overnight, China's ambassador to the United States told Fox News that the American administration "changes its mind so often" in the ongoing trade negotiations.
South Korea's Kospi was ahead 0.18% at 2,064.86, while the Hang Seng Index in Hong Kong was also up 0.18% at 27,705.94.
The blue-chip technology stocks were once again mixed in Seoul, with Samsung Electronics up 0.81%, while SK Hynix slid 1.99%.
Oil prices were lower as the region went to bed, with Brent crude last down 0.25% at $72.00 per barrel, and West Texas Intermediate off 0.72% at $62.68.
In Australia, the S&P/ASX 200 rose 0.16% to 6,510.70, while across the Tasman Sea, New Zealand's S&P/NZX 50 was 0.2% higher at 10,237.48.
The down under dollars were mixed but little changed against the greenback, with the Aussie last 0.03% stronger at AUD 1.4521, while the Kiwi weakened 0.02% to NZD 1.5376.
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