Asian Market Review - 16th of August 2019

Asian markets were mixed Friday, with most major indices looking to be headed for weekly losses after overnight comments from U.S. President Donald Trump almost guaranteed there will be no speedy resolution to the trade war. Increasing signs of a slowing global economy is also boosting haven assets such as bonds, the Japanese Yen, gold and the Swiss Franc.

The Nikkei in Japan got off to a slow start and trades lower by 0.2% as the Yen tests the 106 level against the U.S. dollar. Shares of Sony are 0.5% lower, but Softbank shares are 0.5% higher, highlighting the indecisive nature of today’s market.

In Australia the S&P/ASX 200 is trading 0.2% higher, with the big four banks mostly higher in the range of 0.4% to 0.7%, although National Australia Bank is lagging with a 0.1% loss. Mining shares are mixed today, as are oil stocks, although Oil Search has a 1.8% loss.

Mainland China’s Shanghai Composite has opened with a loss of 0.1%, while the smaller cap Shenzhen Composite is down less than 0.1%. In Hong Kong the Hang Seng is falling sharply right from the open, down 0.6% in the first hour as investors are bracing for more protests over the weekend.

South Korea’s Kospi leads losses in the region, dropping 0.9% in early trade after reports of two missiles being fired from North Korea into the East China Sea. Taiwan’s Taiex is flat with a slight loss.

In Southeast Asia markets are lower, with Singapore’s Straits Times losing 1.1% and the KLCI in Malaysia off by 0.4%.