Asia report: Markets finish mixed as US-China tensions rise
By Josh White
Date: Wednesday 27 May 2020
(Sharecast News) - Markets in Asia closed in a mixed state on Wednesday, as investors looked at the gradual easing of coronavirus-related restrictions in various jurisdictions, as well as an increase in tensions between the US and China.
In Japan, the Nikkei 225 was up 0.7% at 21,419.23, as the yen weakened 0.1% against the dollar to last trade at JPY 107.65.
Technology conglomerate SoftBank Group was down 1.48%, while among the benchmark's other major components, automation specialist Fanuc was ahead 2.81% and fashion firm Fast Retailing added 0.39%.
The broader Topix index was 0.96% firmer by the end of trading in Tokyo, closing at 1,549.47.
On the mainland, the Shanghai Composite was down 0.34% at 2,836.80, and the smaller, technology-heavy Shenzhen Composite slipped 0.86% to 1,774.22.
South Korea's Kospi eked out gains of 0.07% to 2,031.20, while the Hang Seng Index in Hong Kong lost 0.36% to 23,301.36.
The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics up 1.32%, while chipmaker SK Hynix lost 0.61%.
Relations between Washington and Beijing were once again at the fore on Wednesday, after a report from Bloomberg overnight suggested the US was mulling restrictions on Chinese companies in response to China's tightening of rule in Hong Kong.
US president Donald Trump confirmed on Tuesday that he would announce further details on his administration's response to China's move later in the week.
Oil prices were lower at the end of the Asian day, with Brent crude last down 0.89% at $35.85, and West Texas Intermediate off 0.67% to $34.12.
In Australia, the S&P/ASX 200 was off 0.09% at 5,775.00, while across the Tasman Sea, New Zealand's S&P/NZX 50 rose 1.23% to 11,049.19.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.14% at AUD 1.5003, and the Kiwi advancing 0.32% to NZD 1.6076.
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