Asia report: Markets boosted by US earnings, Japan trade talks
19-04-2018 13:02
Markets in Asia finished in the green on Thursday, as investors cheered another solid session amid a strong earnings season in the US overnight, and oil prices continued to climb.
In Japan, the Nikkei 225 was up 0.15% at 22,191.18, as the yen weakened 0.15% against the dollar to last trade at JPY 107.39.
The materials sector made some of the biggest gains on the benchmark index, while on the broader Topix, non-ferrous metals and steel were the star subindices, rising 2.91% and 2.44% respectively.
On the mainland, the Shanghai Composite added 0.85% to 3,117.55, and the smaller, technology-heavy Shenzhen Composite managed gains of 0.6% to settle at 1,814.64.
Mobile technology maker ZTE postponed its first quarter earnings report, which were due for release during the session, as it reviewed the effect a trade ban in the US would have on its business.
South Korea's Kospi was up 0.25% at 2,486.10, while the Hang Seng Index in Hong Kong was 1.4% firmer at 30,708.44.
As in Japan, steelmakers and manufacturers led the gains in Seoul, with blue-chip technology play Samsung Electronics also at the right end of the index, surging 2.76%.
Flag carrier Korea Air Line slid 2.91% after reports that police had raided its head office, as part of an ongoing investigation into the daughter of chairman Cho Yang-ho.
Sentiment was rosier in the region on Thursday, following a decent session from Wall Street overnight amid a robust earnings season.
Almost 80% of companies that had reported by Wednesday morning had beat expectations for the quarter, according to data from Thomson Reuters I/B/E/S.
Both the S&P 500 and the Nasdaq were in the green on Wednesday, although the Dow Jones Industrial Average was weighed by a fall in IBM stock.
Traders in the region also cheered reports that Japanese prime Minister Shinzo Abe and US president Donald Trump had agreed to begin trade discussions.
Oil prices continued to rise as the region went to bed, with Brent crude last up 1.52% at $74.61 per barrel, while West Texas Intermediate added 1.48% to $69.50.
In Australia, the S&P/ASX 200 finished 0.33% above the waterline at 5,881.00, with the materials sector there also getting a boost.
Major miner Rio Tinto was ahead 3.12% on the Sydney bourse, while BHP rose 2.83% after it reported an 8% improvement in third quarter iron ore production, even though it cut its full-year guidance for the metal.
Across the Tasman Sea, New Zealand's S&P/NZX 50 eked out gains of 0.04% to 8,373.03, while monopsony kiwifruit exporter Zespri became the first billion-NZD company on the country's unlisted USX exchange, rising to a record price of NZD 8.35 per share.
The down under dollars were mixed, with the Aussie last 0.09% stronger on the greenback at AUD 1.2836, while the Kiwi weakened 0.27% to NZD 1.3694.
