Asian Daily Market Review

Asian markets ended Thursday mixed as investors digested the possibility of delays to interest rate cuts in the U.S. after a Fed official floated the idea on Wednesday. Japan’s Nikkei was the biggest loser in the region, with the Yen remaining near a 34-year low amid speculation that the Bank of Japan is preparing for stimulus to prop up the languishing currency. Meanwhile Australia’s major index hit a record high, helped by gains from the mining sector.

Japan’s Nikkei ended the session 1.5% lower, underperforming the entire Asian region. Shares of Softbank Group fell by 0.7%, while Sony shares finished 1.8% lower. Among the major exporters Toyota lost 1.2%, Panasonic shares slipped 0.5% lower, and Canon edged lower by 0.2%.

In Australia the S&P/ASX 200 rallied to a new record high, adding 1% for the day. The gains for the broader market came despite a mixed performance for the big four banks, where ANZ gained 0.5%, Commonwealth Bank advanced by 0.3%, Westpac tacked on 0.4%, but NAB slipped slightly lower by 0.1%. The major miners had a good day, supporting the broader market with a 1.4% gain from BHP and a 0.7% move higher in Rio Tinto.

Mainland Chinese markets recovered from their losses of the prior session, with the benchmark Shanghai Composite rising by 0.6% and the smaller cap Shenzhen Composite adding 1.3%. Over in Hong Kong the Hang Seng followed the mainland higher, gaining 0.9% on the day.

In South Korea the Kospi slipped 0.3% lower, and in Taiwan the Taiex did the same, ending the day with a 0.3% loss.

Southeast Asian markets were also weaker on the day, with Singapore’s Straits Times Index declining by 0.9% while the KLCI in Malaysia fell by 0.5%.