Asian stocks markets finished predominately higher Thursday, underscored by big rebounds in China’s stock benchmarks, after muted moves in the U.S. and Europe overnight partly on trade-war jitters. Japan’s Nikkei, however, finished the session with a modest loss, hampered by a further uptick for the yen.
The dollar USDJPY, +0.06% fell to session lows of ¥110.98 versus ¥110.95 in late New York trading, with the Japanese equity gauge lagging its peers amid fresh U.S.-China trade concerns. The Nikkei NIK, -0.20% closed down 0.2%, with the oil/coal-products sector leading the way lower, skidding down following the overnight slump in oil prices.
Shares of Japan Petroleum 1662, -10.01% tumbled by 10%. Japanese skin-care giant Shiseido 4911, +7.84% meanwhile, rebounded strongly Thursday, rising 7.8%, after selling off sharply, down 4.4% on Wednesday, following its earnings report, in which it raised its yearly guidance. Shiseido shares have soared 49.5% so far this year.
After starting with modest declines, Chinese stocks staged a potent recovery in the wake of Wednesday’s sizable pullback, highlighting a volatile stretch for Beijing’s stock benchmarks amid tariff spats with the U.S. Perhaps helping sentiment, inflation numbers came in higher than expected last month, a possible sign that demand is holding up. The Shanghai Composite SHCOMP, +1.83% finished up 1.8% and the Shenzhen Composite 399106, +2.65% jumped 2.7%. Consumer and cyclical stocks were the top performers, even as oil names confined gains.
Meanwhile, the Hang Seng HSI, +0.85% put in a 0.8% gain, logging its fourth straight positive finish. Oil stocks fell though, with PetroChina 0857, -0.82% and CNOOC 0883, -1.22% losing 1% and 1.2%, respectively. Property stocks also came under pressure after major lending local banks announced plans to finally raise interest rates — perhaps signalling the end to a decade of low borrowing costs. Shares of Hang Lung Properties 0101, -2.07% ended the day off 2.3% while those for New World Development 0017, +0.18% ended flat, according to FactSet data.
South Korea’s Kospi SEU, +0.10% added 0.1%, marking its third consecutive gain, even as auto giant Hyundai 005380, -1.18% saw its stock finish down by 1.2%. Stocks in Taiwan Y9999, -0.43% wrapped up off 0.4%.
Australia’s ASX 200 XJO, +0.47% brushed aside energy losses to end up by 0.5%. Santos shares STO, -2.26% finished down 2.3%, shares of Woodside Petroleum WPL, -0.36% lost 0.4%. New Zealand’s NZX 50 NZ50GR, +0.77% rebounded 0.8% following underperformance the past few days as Ryman Healthcare, RYM, +2.70% a retirement-village operator, jumped 2.8%, touching a record.
