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Asia markets mixed despite Dow’s record high overnight

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  • 2 months ago
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Asia markets were mixed on Wednesday morning following the Dow Jones Industrial Average’s record high overnight on Wall Street.

The Nikkei 225 slipped by 0.64 percent in the morning, while theTopix index declined by 0.56 percent. Shares of major Japanese automakers fell, with Toyota falling by 2.36 percent while Honda saw losses of 3.18 percent.

 

“If you look at Japan, the economy’s sort of improving and it’s not subject to the U.S. trade war right now,” Kevin Leung, an executive director of investment strategy at Haitong International Securities, said on CNBC’s “Squawk Box” on Wednesday morning.

“If you’re looking from a longer term perspective... I’m not too worried about the Japanese market,” he added.

In Australia, the ASX 200 extended gains to trade up by 0.26 percent in the morning, with shares of gold miners surging: Newcrest Miningrose by 2.28 percent while Evolution Mining advanced by 3.8 percent.

Over in Hong Kong, the Hang Seng index dipped by 0.18 percent in the early hours of trading action.

Markets in China and South Korea are closed for a public holiday.

Wall Street action overnight

Overnight on Wall Street, the Dow Jones Industrial Average surged by 122.73 points to close at 26,773.94. The S&P 500 closed largely flat at 2,923.43 while the Nasdaq Composite slipped by approximately half a percent to 7,999.555.

Trade remains in focus for the markets. Following the joining of Canada with the U.S. and Mexico in a new trade deal to replace the current North American Free Trade Agreement, eyes are now on Washington’s ongoing trade fight with China.

Currencies and oil

In currency news, the U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.529 as of 9:40 a.m. HK/SIN, strengthening from its earlier position but still off yesterday’s high.

The Japanese yen traded stronger at 113.55 against the greenback, while the Australian dollar slipped at $0.7171, as of 9:41 a.m. HK/SIN.

In the oil markets, prices dipped in the morning of Asian trade. The global benchmark Brent crude futures contract slid slightly to $84.72 per barrel, while the U.S. crude futures contract fell by 0.15 percent at $75.12 per barrel.

Source : CNBC